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






2. Costs of production that do not change with the number of units produced






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






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






5. 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






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






7. 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






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






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






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






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






12. The set of alternative brands the consumer is considering for the decision process






13. People born between 1946 and 1964






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






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






16. A relatively permanent change in behavior caused by acquired information or experience






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






18. An internal state that drives us to satisfy needs by activating goal-oriented behavior






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






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






21. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






22. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






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






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






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






27. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






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






29. The physical good or the delivered service that supplies the desired benefit






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






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






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






33. 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






34. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






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






36. Communicating with large numbers of customers at the same time






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






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






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






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






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






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






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






44. Moral standards that guide marketing decisions and actions






45. 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






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






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






48. The actual interaction between the customer and the service provider






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






50. Costs involved in moving from one brand to another