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






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






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






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






5. People born between 1946 and 1964






6. 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






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






8. 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






9. Basic or necessary items that are available almost everywhere






10. Discounts based on the total quantity bought within a specified time period






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






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






13. 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






14. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






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






16. Aim at one or more homogeneous segments and try to develop different marketing mix for each






17. 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






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






19. 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






20. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






21. 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






22. 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






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






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






25. Number of babies born per 1000 people fluctuated greatly in last 65 years






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






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






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






29. The set of alternative brands the consumer is considering for the decision process






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






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






32. The process by which organization adjust their offering in an attempt to match demand






33. 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






34. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






35. 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






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






37. Costs involved in using a product






38. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






39. 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






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






41. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






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






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






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






45. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses






46. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






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






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






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






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