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 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






2. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






3. The process by which people select - organize - and interpret information form the outside world






4. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






5. An aggregating process - clustering people with similar needs into a "market segment"






6. 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






7. An agreement between two brands to work together in marketing new or existing products






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






9. 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






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






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






12. Those who adopt an innovation early in the diffusion process but later than the innovators






13. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






14. What is left of disposable income after paying for necessities






15. A fairly homogeneous group of customers to whom a company wishes to appeal






16. 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






17. Aim at one or more homogeneous segments and try to develop different marketing mix for each






18. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






19. When a percentage change in price results in a larger percentage change in the quantity demanded






20. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






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






22. An arrangement unique to business marketing in which two organizations agree to buy from each other






23. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






24. Brands that the manufacturer of the product owns






25. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






26. Pricing products with a focus on a target level of profit growth or a desired net profit margin






27. The final stage in the product life cycle - in which sales decrease as customer needs change






28. A change in an existing product that requires a moderate amount of learning or behavior change






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






30. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






31. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






32. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






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






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






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






36. Costs of production that do not change with the number of units produced






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






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






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






40. Combining two or more submarkets into one larger target market as a basis for one strategy






41. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






42. Learning that occurs as the result of rewards of punishments






43. 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






44. Sales forecasting based on the intuition of one or more executives






45. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






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






47. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






48. Costs involved in moving from one brand to another






49. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






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