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






2. 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






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






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






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






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






7. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






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






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






10. Brands that the manufacturer of the product owns






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






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






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






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






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






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






17. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






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






20. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






21. 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






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






23. A strategy of experimenting with prices until the price that generates the highest profitability is found






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






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






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






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






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






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






30. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






31. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






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






33. Basic or necessary items that are available almost everywhere






34. 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






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






36. The psychological characteristics that consistently influence the way a person responds to situations in the environment






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






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






39. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






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






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






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






43. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






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






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






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






47. 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






48. When each family unit produces everything it consumes






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






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