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. Relevant to including a customer type in a product market






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






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






4. Products we purchase when we're in dire need






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






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






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






8. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






9. 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






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






11. Moral standards that guide marketing decisions and actions






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






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






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






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






16. 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






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






18. People over 65






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






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






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






22. 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






23. 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






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






25. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






26. 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






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






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






29. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






30. Sales forecasting based on the intuition of one or more executives






31. Costs involved in moving from one brand to another






32. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






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






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






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






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






37. 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






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






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






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






41. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






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






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






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






45. Theories of learning that focus on how consumer behavior is changed by external events or stimuli






46. 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






47. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






48. Costs involved in using a product






49. When each family unit produces everything it consumes






50. The value of a brand to an organization