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. Costs involved in using a product






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






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






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






5. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






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






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






8. 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






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






10. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






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






12. What is left after taxes






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






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






15. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






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






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






18. Discounts based only on the quantity purchased in individual orders






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






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






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






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






23. Income that is adjusted to take out the effects of inflation on purchasing power






24. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






25. Moral standards that guide marketing decisions and actions






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






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






28. The practice of exchanging a good or service for another good or service of like value






29. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






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






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






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






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






34. A relatively permanent change in behavior caused by acquired information or experience






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






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






37. A product people often buy on the spur of the moment






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






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






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






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






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






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






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






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






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






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






48. A means of characterizing consumers based on the different family stages they pass through as they grow older






49. Pricing that is intended to maximize customer satisfaction and retention






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







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