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






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






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






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






5. The practice of setting a limited number of different specific prices - called price points - for items in a product line






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






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






8. The value that customers give up - or exchange - to obtain a desired product






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






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






11. Selling two or more goods or services as a single package for one price






12. 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






13. 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






14. 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






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






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






17. The belief that use of a product has potentially negative consequences - either financial - physical or social






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






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






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






22. The first segment (2.5%) of a population to adopt a new product






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






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






25. When a percentage change in price results in a larger percentage change in the quantity demanded






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






27. Products created when firms transform raw materials from their original state






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






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






30. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






31. 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






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






33. Costs involved in using a product






34. Income that is adjusted to take out the effects of inflation on purchasing power






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






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






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






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






39. People whose children are grown and who are now able to spend their money in other ways






40. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






41. Combining two or more submarkets into one larger target market as a basis for one strategy






42. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






43. Sometimes called millenials - refer to those born from 1978-1994






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






45. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






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






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






48. A pricing tactic in which the seller absorbs the total cost of transportation






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






50. 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