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 fairly homogeneous group of customers to whom a company wishes to appeal






2. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






3. A firm's total product offering designed to satisfy a single need or desire of target customers






4. A pricing tactic in which the seller absorbs the total cost of transportation






5. The last consumers to adopt the innovation






6. The process by which organization adjust their offering in an attempt to match demand






7. An organizational unit that focuses on some product markets and is treated as a separate profit center






8. The dimensions that consumers use to compare completing product alternatives






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






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






11. 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






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






13. 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






14. A strategy of experimenting with prices until the price that generates the highest profitability is found






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






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






17. The set of alternative brands the consumer is considering for the decision process






18. 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






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






20. 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






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






22. A pricing tactic of charging reduced prices for larger quantities of product






23. The collaboration of two or more firms in setting prices - usually to keep prices high






24. The overall feelings or attitude a person has about a product after purchasing it






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






26. 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






27. People whose children are grown and who are now able to spend their money in other ways






28. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






29. Pricing that is intended to have an effect on the marketing efforts of the competition






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






31. A change in beliefs or actions as a reaction to real or imagined group pressure






32. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






33. A marketing mix is tailored to fit some specific target customers






34. 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






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






36. A pricing tactic in which customers in different geographic zones pay different transportation rates






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






38. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm






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






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






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






42. A totally new product that creates major changes in the way we live






43. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






44. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






45. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






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






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






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






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






50. The process of eliminating interaction between customers and service providers