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






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






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






4. When a percentage change in price results in a smaller percentage change in the quantity demanded






5. People born between 1946 and 1964






6. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






7. 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






8. Tohose whose adoption to a new product signals a general acceptance of the innovation






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






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






11. 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






12. Costs involved in using a product






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






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






15. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






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






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






19. When each family unit produces everything it consumes






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






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






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






23. Basic or necessary items that are available almost everywhere






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






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






26. A change in an existing product that requires a moderate amount of learning or behavior change






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






28. 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






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






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






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






32. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






33. Pricing products to maximize sales or to attain a desired level of sales or market share






34. 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






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






36. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






37. A situation in which an increase or a decrease in price will not significantly affect demand for the product






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






39. 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






40. Pricing that is intended to have an effect on the marketing efforts of the competition






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






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






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






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






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






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






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






48. 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






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






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







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