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. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm

2. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products

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

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

5. 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

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

7. The value of a brand to an organization

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

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

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

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

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

13. Moral standards that guide marketing decisions and actions

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

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

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

17. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria

18. 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

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

20. 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

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

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

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

24. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace

25. A pricing tactic in which customers in different geographic zones pay different transportation rates

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

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

29. A modification of an existing product that sets one brand apart from its competitors

30. When each family unit produces everything it consumes

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

32. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group

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

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

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

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

37. The process by which organization adjust their offering in an attempt to match demand

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

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

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

41. Costs involved in moving from one brand to another

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

43. 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

44. 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

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

46. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.

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

48. People whose children are grown and who are now able to spend their money in other ways

49. The marketing mix is distinct from and better than what is available from a competitor

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