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. The dimensions that consumers use to compare completing product alternatives

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

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

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

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

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

7. Number of babies born per 1000 people fluctuated greatly in last 65 years

8. A strategy of experimenting with prices until the price that generates the highest profitability is found

9. 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

10. 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

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

12. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition

13. 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

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

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

16. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses

17. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances

18. 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

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

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

21. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer

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

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

24. The last consumers to adopt the innovation

25. 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

26. The process by which a consumer or business customer begins to buy and use a new good - service - or idea

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

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

29. The overall feelings or attitude a person has about a product after purchasing it

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

31. What is left of disposable income after paying for necessities

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

33. The belief that use of a product has potentially negative consequences - either financial - physical or social

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

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

36. The percentage change in unit sales that results from a percentage change in price

37. An arrangement unique to business marketing in which two organizations agree to buy from each other

38. Costs involved in moving from one brand to another

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

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

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

42. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner

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

44. To try to increase the size of their target markets by combining two or more segments

45. 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

46. The value that customers give up - or exchange - to obtain a desired product

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

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

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

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