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. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






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






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






4. Pricing that is intended to maximize customer satisfaction and retention






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






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






7. 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






8. 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






9. A flexible pricing strategy that reflects what individual customers are willing to pay






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






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






12. People over 65






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






14. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






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






16. Tohose whose adoption to a new product signals a general acceptance of the innovation






17. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






18. 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






19. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






20. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






21. Sometimes called millenials - refer to those born from 1978-1994






22. Number of babies born per 1000 people fluctuated greatly in last 65 years






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






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






25. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






26. The first segment (2.5%) of a population to adopt a new product






27. 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






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






29. Pricing intended to establish a desired image or positioning to prospective customers






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






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






32. The value of a brand to an organization






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






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






35. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






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






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






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






39. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






41. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






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






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






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






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






46. People born between 1946 and 1964






47. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






48. The loss of sales of an existing product when a new item in a product line or product family is introduced






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






50. 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