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






2. 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






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






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






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






6. 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






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






8. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






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






10. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






11. The value that customers give up - or exchange - to obtain a desired product






12. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






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






14. Pricing products with a focus on a target level of profit growth or a desired net profit margin






15. Products we purchase when we're in dire need






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






17. A product people often buy on the spur of the moment






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






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






20. The practice of linking products to a particular social cause on an ongoing or short-term basis






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






22. Basic or necessary items that are available almost everywhere






23. 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






24. Products that exhibit consistently high velocity sales in the consumer marketplace






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






26. People over 65






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






28. A social process that directs an economy






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






30. 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






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






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






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






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






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






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






37. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






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






39. 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






40. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






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






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






44. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm






45. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






46. The process by which people select - organize - and interpret information form the outside world






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






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






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






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