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






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






3. Basic or necessary items that are available almost everywhere






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






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






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






7. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






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






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






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






11. 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






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






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






14. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






15. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






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






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






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






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






20. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






21. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






22. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






23. Costs involved in moving from one brand to another






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






25. 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






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






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






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






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






30. E-commerce that allows shoppers to purchase products through online bidding






31. 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






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






33. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






34. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






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






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






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






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






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






40. 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






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






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






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






44. An arrangement unique to business marketing in which two organizations agree to buy from each other






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






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






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






48. The pricing strategy of setting prices below cost to attract customers into a store






49. Pricing intended to establish a desired image or positioning to prospective customers






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