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.
  • 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. A pricing strategy that draws on past experience of the marketer in setting appropriate prices

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

3. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.

4. Charging a very high - premium price for a new product

5. A totally new product that creates major changes in the way we live

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

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

8. The value of a brand to an organization

9. Pricing a new product low for a limited period of time to lower the risk for a customer

10. Brands that the manufacturer of the product owns

11. Sales forecasting based on the intuition of one or more executives

12. Aim at one or more homogeneous segments and try to develop different marketing mix for each

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

14. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products

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

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

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

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

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

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

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

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

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

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. 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

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

27. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories

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

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

30. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm

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

32. Group of people within an organization who focus exclusively on the development of a new product

33. The marketing mix is distinct from and better than what is available from a competitor

34. Pricing that is intended to have an effect on the marketing efforts of the competition

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

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

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

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

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

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

41. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities

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

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

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

45. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace

46. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top

47. A strategy of ducking under a competitor's price by a fixed percentage

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

49. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information

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