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






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






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






4. The marketing mix is distinct from and better than what is available from a competitor






5. Segmenting the market and picking one of the homogeneous segments as the firms target market






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






7. Expensive goods that an organization uses in its daily operations that last for a long time






8. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






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






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






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






12. 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






13. A situation in which an increase or a decrease in price will not significantly affect demand for the product






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






15. The last consumers to adopt the innovation






16. 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






17. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






18. Pricing intended to establish a desired image or positioning to prospective customers






19. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






20. People over 65






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






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






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






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






25. A change in beliefs or actions as a reaction to real or imagined group pressure






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






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






28. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






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






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






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






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






33. The value of a brand to an organization






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






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






36. 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






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






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






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






40. A brand that a group of individual products or individual brands share






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






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






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






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






45. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






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






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






48. 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






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






50. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner







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