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. Brands that the manufacturer of the product owns

2. The value of something that is given up to obtain something else

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

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

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

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

7. People born between 1946 and 1964

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

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

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

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

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

13. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information

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

15. The loss of sales of an existing product when a new item in a product line or product family is introduced

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

17. Tangible products we can see - touch - smell - hear - taste

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

19. The pricing strategy of setting prices below cost to attract customers into a store

20. 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

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

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

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

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

25. 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

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

27. 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

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

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

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

31. Those who adopt an innovation early in the diffusion process but later than the innovators

32. 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

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

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

35. 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

36. 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

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

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

39. What is left after taxes

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

41. E-commerce that allows shoppers to purchase products through online bidding

42. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase

43. When each family unit produces everything it consumes

44. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins

45. An organizational unit that focuses on some product markets and is treated as a separate profit center

46. 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

47. Expensive goods that an organization uses in its daily operations that last for a long time

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

49. Moral standards that guide marketing decisions and actions

50. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes