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. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






2. Learning that occurs as the result of rewards of punishments






3. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






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






5. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






7. Pricing that is intended to maximize customer satisfaction and retention






8. People born between 1946 and 1964






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






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






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






12. 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






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






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






15. People over 65






16. A manager who is responsible for developing and implementing the marketing plan for a single brand






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






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






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






20. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






21. An arrangement unique to business marketing in which two organizations agree to buy from each other






22. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






23. Brands that the manufacturer of the product owns






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






25. The first segment (2.5%) of a population to adopt a new product






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






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






28. Costs involved in moving from one brand to another






29. A new product that does not reach expectations for success - failing to reach sales objectives set






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






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






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






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






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






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






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






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






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






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






40. Goods that a business customer consumes in a relatively short time






41. 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






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






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






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






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






46. Those that actually affect the customers purchase of specific product or brand in a product market






47. The process by which organization adjust their offering in an attempt to match demand






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






49. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






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