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. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






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






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






4. People born between 1946 and 1964






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






6. A social process that directs an economy






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






8. A marketing mix is tailored to fit some specific target customers






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






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






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






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






13. 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






14. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






15. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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






17. When each family unit produces everything it consumes






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






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






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






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






22. 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






23. 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






24. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






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






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






27. 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






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






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






30. The relative importance of perceived consequences of the purchase to a consumer






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






32. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






33. People over 65






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






35. Those who adopt an innovation early in the diffusion process but later than the innovators






36. 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






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






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






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






40. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






41. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






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






44. A relatively permanent change in behavior caused by acquired information or experience






45. 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






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






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






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






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






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