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 name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition






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






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






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






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






6. The belief that use of a product has potentially negative consequences - either financial - physical or social






7. A flexible pricing strategy that reflects what individual customers are willing to pay






8. Costs involved in moving from one brand to another






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






10. A strategy of frequently using sale prices to increase sales volume






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






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






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






14. Relevant to including a customer type in a product market






15. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






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






17. A social process that directs an economy






18. When each family unit produces everything it consumes






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






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






21. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






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






23. What is left after taxes






24. An organizational unit that focuses on some product markets and is treated as a separate profit center






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






26. 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






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






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






29. Products that consumers purchase to signal membership in a desirable social class






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






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






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






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






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






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






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






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






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






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






40. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






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






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






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






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






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






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






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






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






50. Tangible products we can see - touch - smell - hear - taste