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. A product people often buy on the spur of the moment






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






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






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






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






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






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






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






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






10. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






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






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






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






15. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






16. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses






17. 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






18. The practice of linking products to a particular social cause on an ongoing or short-term basis






19. A price-setting method based on estimated of demand at different prices






20. 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






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






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






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






24. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






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






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






27. 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






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






29. The actual interaction between the customer and the service provider






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






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






32. A new product that does not reach expectations for success - failing to reach sales objectives set






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






34. To try to find similar patterns within sets of data






35. 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






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






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






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






39. What is left after taxes






40. 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






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






42. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






43. 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






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






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






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






47. People born between 1946 and 1964






48. A relatively permanent change in behavior caused by acquired information or experience






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






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