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






3. A situation in which an increase or a decrease in price will not significantly affect demand for the product






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






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






6. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






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






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






9. 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






10. Moral standards that guide marketing decisions and actions






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






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






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






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






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






16. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






17. 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






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






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






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






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






22. 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






23. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






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






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






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






27. Refers to the generation born immediately following the baby boom - from 1965-1977






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






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






30. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






31. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






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






33. 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






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






35. What is left after taxes






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






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






38. 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






39. 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






40. The process by which the use of a product spreads throughout the population






41. The value of something that is given up to obtain something else






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






43. 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






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






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






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






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






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






49. 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






50. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location







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