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






2. 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






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






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






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






7. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






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






9. 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






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






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






12. A new product sold with the same brand name as a strong existing brand






13. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






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






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






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






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






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






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






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






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






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






23. Products created when firms transform raw materials from their original state






24. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






26. 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






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






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






29. 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






30. Products that consumers purchase to signal membership in a desirable social class






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






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






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






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






35. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






36. Brands that are owned and sold by a specific - retailer or distributor






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






38. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






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






41. 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






42. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






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






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






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






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






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






48. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






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






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