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






2. 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






3. An integrated economic and social unit wit a large population nucleus






4. A new product that copies with slight modification the design of an original product






5. Refers to the generation born immediately following the baby boom - from 1965-1977






6. An internal state that drives us to satisfy needs by activating goal-oriented behavior






7. Group of people within an organization who focus exclusively on the development of a new product






8. Theories of learning that focus on how consumer behavior is changed by external events or stimuli






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






10. Goods that a business customer consumes in a relatively short time






11. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






12. The pricing strategy of setting prices below cost to attract customers into a store






13. Brands that are owned and sold by a specific - retailer or distributor






14. The value that customers give up - or exchange - to obtain a desired product






15. Communicating with large numbers of customers at the same time






16. A means of measuring a website's success by tracking customers' movement around the company website






17. The practice of setting a limited number of different specific prices - called price points - for items in a product line






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






19. The regret or remorse buyers may feel after making a purchase






20. Brands that the manufacturer of the product owns






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






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






23. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner






24. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






25. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






26. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






27. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






28. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






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






30. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






31. People over 65






32. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






33. What is left after taxes






34. A brand that a group of individual products or individual brands share






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






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






37. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






38. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






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






40. 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






41. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






42. The practice of exchanging a good or service for another good or service of like value






43. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






44. A price-setting method based on estimated of demand at different prices






45. To try to increase the size of their target markets by combining two or more segments






46. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






47. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






48. Income that is adjusted to take out the effects of inflation on purchasing power






49. The division of a market according to benefits that consumers want from the product






50. The belief that use of a product has potentially negative consequences - either financial - physical or social