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 social process that directs an economy






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






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






4. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






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






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






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






8. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






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






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






11. 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






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. Those that actually affect the customers purchase of specific product or brand in a product market






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






15. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






16. Sales forecasting based on the intuition of one or more executives






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






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






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






20. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






21. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






22. The psychological characteristics that consistently influence the way a person responds to situations in the environment






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






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






25. Brands that are owned and sold by a specific - retailer or distributor






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






27. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






28. Moral standards that guide marketing decisions and actions






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






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






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






32. 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






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






34. Charging a very high - premium price for a new product






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






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






37. Basic or necessary items that are available almost everywhere






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






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






40. A new product that does not reach expectations for success - failing to reach sales objectives set






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






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






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






44. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






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






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






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






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






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






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