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 physical good or the delivered service that supplies the desired benefit






2. 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






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






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






5. Number of babies born per 1000 people fluctuated greatly in last 65 years






6. The final stage in the product life cycle - in which sales decrease as customer needs change






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






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






9. A strategy of experimenting with prices until the price that generates the highest profitability is found






10. When each family unit produces everything it consumes






11. 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






12. Tohose whose adoption to a new product signals a general acceptance of the innovation






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






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






15. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






16. 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






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






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






19. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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






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






22. 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






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






24. A change in an existing product that requires a moderate amount of learning or behavior change






25. The overall feelings or attitude a person has about a product after purchasing it






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






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






28. A pricing tactic in which the seller absorbs the total cost of transportation






29. Pricing products to maximize sales or to attain a desired level of sales or market share






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






31. 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






32. A product that consumers perceive to be new and different form existing products






33. Combining two or more submarkets into one larger target market as a basis for one strategy






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






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






36. 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






37. 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






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






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






40. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






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






42. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






43. 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






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






45. 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






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






47. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






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






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






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