Test your basic knowledge |

Marketing Basics

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Communicating with large numbers of customers at the same time






2. What is left after taxes






3. The price the end customer is expected to pay as determined by the manufacturer






4. A product that consumers perceive to be new and different form existing products






5. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






6. Brands that the manufacturer of the product owns






7. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






8. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






9. Segmenting the market and picking one of the homogeneous segments as the firms target market






10. Products created when firms transform raw materials from their original state






11. Pricing a new product low for a limited period of time to lower the risk for a customer






12. A relatively permanent change in behavior caused by acquired information or experience






13. Products that consumers purchase to signal membership in a desirable social class






14. A strategy of ducking under a competitor's price by a fixed percentage






15. Those that actually affect the customers purchase of specific product or brand in a product market






16. The value of something that is given up to obtain something else






17. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






18. A strategy where prices are set significantly higher than competing brands






19. To try to find similar patterns within sets of data






20. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






21. The marketing mix is distinct from and better than what is available from a competitor






22. Charging a very high - premium price for a new product






23. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






24. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






25. The process by which the use of a product spreads throughout the population






26. The seller fine tunes the marketing effort with info from a detailed customer database






27. Relevant to including a customer type in a product market






28. Products we purchase when we're in dire need






29. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






30. When a percentage change in price results in a smaller percentage change in the quantity demanded






31. Pricing products to maximize sales or to attain a desired level of sales or market share






32. Tangible products we can see - touch - smell - hear - taste






33. E-commerce that allows shoppers to purchase products through online bidding






34. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






35. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






36. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






37. The difference between the cost of the product and the selling price of the product






38. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






39. People born between 1946 and 1964






40. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






41. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






42. A modification of an existing product that sets one brand apart from its competitors






43. A homogeneous group of customers who will respond to a marketing mix in a similiar way






44. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






45. Basic or necessary items that are available almost everywhere






46. Expensive goods that an organization uses in its daily operations that last for a long time






47. Selling two or more goods or services as a single package for one price






48. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






49. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






50. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top