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 value of a brand to an organization






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






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






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






5. 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






6. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses






7. Refers to the generation born immediately following the baby boom - from 1965-1977






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






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






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






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






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






13. A social process that directs an economy






14. The collaboration of two or more firms in setting prices - usually to keep prices high






15. Costs involved in using a product






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






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






18. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






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






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






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






22. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






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






24. Basic or necessary items that are available almost everywhere






25. Brands that the manufacturer of the product owns






26. The dimensions that consumers use to compare completing product alternatives






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






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






29. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






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






31. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






32. 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






33. A totally new product that creates major changes in the way we live






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






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






36. 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






37. All the benefits the product will provide for consumers or business customers






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






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






40. A strategy where prices are set significantly higher than competing brands






41. Charging a very high - premium price for a new product






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






43. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






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






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






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






47. 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






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






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