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






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






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






5. The last consumers to adopt the innovation






6. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm






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






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






9. 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






10. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






11. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






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






13. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






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






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






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






17. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






18. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






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






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






21. 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






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






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






24. 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






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






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






27. 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






28. When each family unit produces everything it consumes






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






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






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






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






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






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






35. People over 65






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






37. The final stage in the product life cycle - in which sales decrease as customer needs change






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






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






40. What is left after taxes






41. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






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






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






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






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






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






47. 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






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






49. An aggregating process - clustering people with similar needs into a "market segment"






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