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






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






3. 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






4. The physical good or the delivered service that supplies the desired benefit






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






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






7. 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






8. 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






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






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






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






12. 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






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






14. An internal state that drives us to satisfy needs by activating goal-oriented behavior






15. 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






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






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






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






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






20. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






21. The seller fine tunes the marketing effort with info from a detailed customer database






22. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






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






24. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






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






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






27. 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






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






29. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






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






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






32. 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






33. A homogeneous group of customers who will respond to a marketing mix in a similiar way






34. 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






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






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






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






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






39. The process by which people select - organize - and interpret information form the outside world






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






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






42. The last consumers to adopt the innovation






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






44. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






45. A totally new product that creates major changes in the way we live






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






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






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






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






50. When each family unit produces everything it consumes