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. Group of people within an organization who focus exclusively on the development of a new product

2. When each family unit produces everything it consumes

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

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

5. Costs involved in moving from one brand to another

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

7. 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

8. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition

9. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.

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

11. People born between 1946 and 1964

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

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

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

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

16. A pricing strategy that draws on past experience of the marketer in setting appropriate prices

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

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

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

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

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

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

23. A product people often buy on the spur of the moment

24. Costs involved in using a product

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

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

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

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

29. The percentage change in unit sales that results from a percentage change in price

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

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

32. 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

33. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas

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

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

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

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

38. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer

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

40. To try to increase the size of their target markets by combining two or more segments

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

42. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences

43. A product that consumers perceive to be new and different form existing products

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

45. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes

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

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

48. The last consumers to adopt the innovation

49. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire

50. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down