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. Discounts based only on the quantity purchased in individual orders






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






3. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






4. A brand that a group of individual products or individual brands share






5. Products that exhibit consistently high velocity sales in the consumer marketplace






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






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






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






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






10. 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






11. 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






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






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






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






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






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






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






18. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






19. The psychological characteristics that consistently influence the way a person responds to situations in the environment






20. Moral standards that guide marketing decisions and actions






21. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






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






23. 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






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






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






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






27. Brands that the manufacturer of the product owns






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






29. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






30. 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






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






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






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






34. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






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






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






37. The last consumers to adopt the innovation






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






39. Pricing a new product low for a limited period of time to lower the risk for a customer






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






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






42. The set of alternative brands the consumer is considering for the decision process






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






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






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






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






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






48. The collaboration of two or more firms in setting prices - usually to keep prices high






49. Those that actually affect the customers purchase of specific product or brand in a product market






50. The practice of linking products to a particular social cause on an ongoing or short-term basis