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






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






3. 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






4. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






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






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






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






8. A new product that copies with slight modification the design of an original product






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






10. What is left after taxes






11. The process by which the use of a product spreads throughout the population






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






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






15. 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






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






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






18. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






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






20. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






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






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






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






24. 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






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






26. People born between 1946 and 1964






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






28. Pricing products to maximize sales or to attain a desired level of sales or market share






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






30. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






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






32. 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






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






34. People over 65






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






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






37. A brand that a group of individual products or individual brands share






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






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






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






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






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






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






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






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






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






47. A price-setting method based on estimated of demand at different prices






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






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






50. Brands that the manufacturer of the product owns







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