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






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






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






4. An agreement between two brands to work together in marketing new or existing products






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






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






7. The percentage change in unit sales that results from a percentage change in price






8. 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






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






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






11. 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






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






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






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. A relatively permanent change in behavior caused by acquired information or experience






16. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






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






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






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






20. When each family unit produces everything it consumes






21. Basic or necessary items that are available almost everywhere






22. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






23. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






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






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






26. A mental rule of thumb that leads to a speedy decision by simplifying the process






27. All the benefits the product will provide for consumers or business customers






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






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






30. A price-setting method based on estimated of demand at different prices






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






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






33. 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






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






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






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






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






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






39. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






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






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






43. 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






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






45. What is left of disposable income after paying for necessities






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






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






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






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






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