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. The difference between the cost of the product and the selling price of the product






2. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






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






4. Extent to which a firm fulfills a customers needs - desires - and expectations






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






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






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






8. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






9. What is left of disposable income after paying for necessities






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






11. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






12. A firm's total product offering designed to satisfy a single need or desire of target customers






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






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






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






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






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






18. The percentage change in unit sales that results from a percentage change in price






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






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






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






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






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






24. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






25. The regret or remorse buyers may feel after making a purchase






26. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






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






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






29. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






30. Communicating with large numbers of customers at the same time






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






32. 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






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






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






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






36. 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






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






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






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






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






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






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






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






44. An arrangement unique to business marketing in which two organizations agree to buy from each other






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






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. 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






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






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






Can you answer 50 questions in 15 minutes?



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