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 strategy of ducking under a competitor's price by a fixed percentage






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






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






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






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






6. A price-setting method based on estimated of demand at different prices






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






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






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






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






11. People born between 1946 and 1964






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






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






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






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






16. 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






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






18. 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






19. 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






20. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






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






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






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






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






25. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






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






27. 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






28. The strategy of selling products at unreasonably low prices to drive competitors out of business






29. Costs involved in moving from one brand to another






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






31. A new product that copies with slight modification the design of an original product






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






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






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






35. Tohose whose adoption to a new product signals a general acceptance of the innovation






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






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






38. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






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






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






41. 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






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






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






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






45. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






46. Group of people within an organization who focus exclusively on the development of a new product






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






48. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






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






50. What is left after taxes