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 change in an existing product that requires a moderate amount of learning or behavior change






2. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






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






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






5. A social process that directs an economy






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






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






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






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






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






11. The loss of sales of an existing product when a new item in a product line or product family is introduced






12. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






13. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






14. A pricing strategy that considers the lifetime cost of using the product






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






16. 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






17. Goods that a business customer consumes in a relatively short time






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






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






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






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






22. 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






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






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






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






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






27. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






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






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






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






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






32. An agreement between two brands to work together in marketing new or existing products






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






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






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






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






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






38. 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






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






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






41. What is left after taxes






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






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






44. 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






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






46. When each family unit produces everything it consumes






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






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






49. 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






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