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






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






3. 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






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






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






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






7. The relative importance of perceived consequences of the purchase to a consumer






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






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






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






11. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






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






13. Sometimes called millenials - refer to those born from 1978-1994






14. 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






15. 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






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






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






18. Selling two or more goods or services as a single package for one price






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






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






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






22. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






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






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






25. The price the end customer is expected to pay as determined by the manufacturer






26. 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






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






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






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






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






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






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






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






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






35. People whose children are grown and who are now able to spend their money in other ways






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






37. 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






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






39. People born between 1946 and 1964






40. All the benefits the product will provide for consumers or business customers






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






42. Basic or necessary items that are available almost everywhere






43. A pricing tactic in which customers in different geographic zones pay different transportation rates






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






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






46. A brand that a group of individual products or individual brands share






47. The last consumers to adopt the innovation






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






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






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