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. Basic or necessary items that are available almost everywhere






2. Income that is adjusted to take out the effects of inflation on purchasing power






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






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






5. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






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






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






8. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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






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






11. 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






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






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






14. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






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






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






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






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






19. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






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






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






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






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






24. A means of measuring a website's success by tracking customers' movement around the company website






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






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






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






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






29. What is left after taxes






30. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






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






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






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






34. A strategy where prices are set significantly higher than competing brands






35. E-commerce that allows shoppers to purchase products through online bidding






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






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






38. A social process that directs an economy






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






40. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences






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






42. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






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






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






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






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






47. Those that actually affect the customers purchase of specific product or brand in a product market






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






49. 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






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







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