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. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






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






3. 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






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






5. 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






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. The final stage in the product life cycle - in which sales decrease as customer needs change






8. A social process that directs an economy






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






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






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






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






15. Costs involved in using a product






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






17. The psychological characteristics that consistently influence the way a person responds to situations in the environment






18. Moral standards that guide marketing decisions and actions






19. Charging a very high - premium price for a new product






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






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






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






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






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






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






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






28. Brands that are owned and sold by a specific - retailer or distributor






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






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






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






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






33. A pricing strategy that considers the lifetime cost of using the product






34. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






36. 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






37. 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






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






39. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down






40. Selling two or more goods or services as a single package for one price






41. A pricing tactic of charging reduced prices for larger quantities of product






42. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






43. 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






44. Communicating with large numbers of customers at the same time






45. A strategy where prices are set significantly higher than competing brands






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






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






48. A homogeneous group of customers who will respond to a marketing mix in a similiar way






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






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