Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • 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 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

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

3. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women

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

5. The process by which the use of a product spreads throughout the population

6. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category

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

8. 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

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

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

11. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets

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

13. A mental rule of thumb that leads to a speedy decision by simplifying the process

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

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

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

17. Pricing products with a focus on a target level of profit growth or a desired net profit margin

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

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

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

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

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

23. Selling two or more goods or services as a single package for one price

24. The price the end customer is expected to pay as determined by the manufacturer

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

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

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

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

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

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

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

32. The value of a brand to an organization

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

34. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories

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

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

37. A means of measuring a website's success by tracking customers' movement around the company website

38. 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

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

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

41. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs

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

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

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

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

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

47. Expensive goods that an organization uses in its daily operations that last for a long time

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

49. A means of characterizing consumers based on the different family stages they pass through as they grow older

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