Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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 pricing strategy in which the price can easily be adjusted to meet changes in the marketplace

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

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

4. 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

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

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

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

8. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs

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

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

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. To try to find similar patterns within sets of data

13. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire

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

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

16. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline

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

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

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

20. Costs involved in using a product

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

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

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

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

25. A change in beliefs or actions as a reaction to real or imagined group pressure

26. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences

27. Costs involved in moving from one brand to another

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

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

30. What is left after taxes

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

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

33. 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

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

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

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

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

38. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria

39. The difference between the cost of the product and the selling price of the product

40. Basic or necessary items that are available almost everywhere

41. Products that exhibit consistently high velocity sales in the consumer marketplace

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

43. Brands that the manufacturer of the product owns

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

45. 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

46. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets

47. Extent to which a firm fulfills a customers needs - desires - and expectations

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

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

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