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






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






3. The physical good or the delivered service that supplies the desired benefit






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






5. 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






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






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






8. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






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






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






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






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






13. The price the end customer is expected to pay as determined by the manufacturer






14. 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






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






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






17. When each family unit produces everything it consumes






18. A strategy of frequently using sale prices to increase sales volume






19. Brands that the manufacturer of the product owns






20. 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






21. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






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






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






25. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






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






27. 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






28. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






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






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






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






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






33. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences






34. The practice of linking products to a particular social cause on an ongoing or short-term basis






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






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






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






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






39. Moral standards that guide marketing decisions and actions






40. People born between 1946 and 1964






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






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






43. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






44. The strategy of selling products at unreasonably low prices to drive competitors out of business






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






46. 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






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






48. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






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






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