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. Costs involved in moving from one brand to another






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






3. 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






4. The pricing strategy of setting prices below cost to attract customers into a store






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






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






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






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






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






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






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






12. 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






13. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






14. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






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






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






17. 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






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






19. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






20. The psychological characteristics that consistently influence the way a person responds to situations in the environment






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






22. The seller fine tunes the marketing effort with info from a detailed customer database






23. 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






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






25. The dimensions that consumers use to compare completing product alternatives






26. An integrated economic and social unit wit a large population nucleus






27. What is left after taxes






28. 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






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






30. A product that consumers perceive to be new and different form existing products






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






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






33. Learning that occurs as the result of rewards of punishments






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






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






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






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






38. Moral standards that guide marketing decisions and actions






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






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






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






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






43. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






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






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






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






47. 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






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






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






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