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






2. 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






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






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






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






6. The practice of exchanging a good or service for another good or service of like value






7. The values - beliefs - customs - and tastes that a group of people value






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






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






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






11. E-commerce that allows shoppers to purchase products through online bidding






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






13. The practice of linking products to a particular social cause on an ongoing or short-term basis






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






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






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






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






18. People over 65






19. The division of a market according to benefits that consumers want from the product






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






21. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






22. 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






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






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






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






26. An integrated economic and social unit wit a large population nucleus






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






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






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






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






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






32. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






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






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






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






36. 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






37. 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






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






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






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






41. 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






42. 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






43. Selling two or more goods or services as a single package for one price






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






45. People whose children are grown and who are now able to spend their money in other ways






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






47. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






48. The percentage change in unit sales that results from a percentage change in price






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






50. An agreement between two brands to work together in marketing new or existing products