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






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






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






4. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






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






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






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






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






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






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






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






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






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






14. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






15. A social process that directs an economy






16. 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






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






18. 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






19. The value of something that is given up to obtain something else






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






21. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






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






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






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






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






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






27. 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






28. Extent to which a firm fulfills a customers needs - desires - and expectations






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






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






31. To try to find similar patterns within sets of data






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






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






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






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






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






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






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






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






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






41. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






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






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






44. Discounts based on the total quantity bought within a specified time period






45. A new product that copies with slight modification the design of an original product






46. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






47. 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






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






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






50. What is left of disposable income after paying for necessities