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 firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line

2. An aggregating process - clustering people with similar needs into a "market segment"

3. Costs involved in using a product

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

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

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

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

8. 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

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

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

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

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

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

14. The process of eliminating interaction between customers and service providers

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

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

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

18. A firm's total product offering designed to satisfy a single need or desire of target customers

19. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter

20. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs

21. The regret or remorse buyers may feel after making a purchase

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

23. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities

24. The actual interaction between the customer and the service provider

25. Discounts based on the total quantity bought within a specified time period

26. The dimensions that consumers use to compare completing product alternatives

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

28. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time

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

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

31. What is left after taxes

32. 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

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

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

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

36. Extent to which a firm fulfills a customers needs - desires - and expectations

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

38. 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

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

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

41. People over 65

42. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale

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

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

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

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

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

48. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows

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

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