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






2. 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






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






4. The overall feelings or attitude a person has about a product after purchasing it






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






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






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






8. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






9. Moral standards that guide marketing decisions and actions






10. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






11. 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






12. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner






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






14. 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






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






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






17. The value of a brand to an organization






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






19. The relative importance of perceived consequences of the purchase to a consumer






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






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






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






23. 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






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






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






26. Brands that the manufacturer of the product owns






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






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






29. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






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






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






32. Extent to which a firm fulfills a customers needs - desires - and expectations






33. When each family unit produces everything it consumes






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






35. The value of something that is given up to obtain something else






36. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






37. The last consumers to adopt the innovation






38. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






39. 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






40. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






41. Products we purchase when we're in dire need






42. A pricing tactic of charging reduced prices for larger quantities of product






43. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






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






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






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






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






48. 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






49. A means of characterizing consumers based on the different family stages they pass through as they grow older






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