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 difference between the cost of the product and the selling price of the product






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






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






4. 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






5. Costs involved in moving from one brand to another






6. 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






7. 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






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. 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






10. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






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






13. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






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






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






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






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






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






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






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






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






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






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






25. Tohose whose adoption to a new product signals a general acceptance of the innovation






26. The value of a brand to an organization






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






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






29. A fairly homogeneous group of customers to whom a company wishes to appeal






30. The division of a market according to benefits that consumers want from the product






31. Costs of production that do not change with the number of units produced






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






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






34. Expensive goods that an organization uses in its daily operations that last for a long time






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






36. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






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






38. A social process that directs an economy






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






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






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






42. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






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






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






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






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






47. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






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






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