Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • 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. The actual interaction between the customer and the service provider

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

3. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs

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

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

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

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

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

9. A practice of charging different prices to a different customers to manage capacity while maximizing revenues

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

25. 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

26. A pricing strategy in which a firm sets prices that provide ultimate value to customers

27. Discounts based only on the quantity purchased in individual orders

28. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase

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

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

31. 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

32. A mental rule of thumb that leads to a speedy decision by simplifying the process

33. A pricing strategy that considers the lifetime cost of using the product

34. A social process that directs an economy

35. 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

36. 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

37. 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

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

39. The values - beliefs - customs - and tastes that a group of people value

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

41. 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

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

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

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

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

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

47. A new product sold with the same brand name as a strong existing brand

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

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

50. A manager who is responsible for developing and implementing the marketing plan for a single brand