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. The dimensions that consumers use to compare completing product alternatives






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






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






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






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






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






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






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






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






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






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






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






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






14. Moral standards that guide marketing decisions and actions






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






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






17. A means of measuring a website's success by tracking customers' movement around the company website






18. 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






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






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






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






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






23. 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






24. A social process that directs an economy






25. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






26. Brands that the manufacturer of the product owns






27. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






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






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






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






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






32. The practice of linking products to a particular social cause on an ongoing or short-term basis






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






34. A pricing tactic in which the seller absorbs the total cost of transportation






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






36. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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






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






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






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






41. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






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






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






44. 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






45. All the benefits the product will provide for consumers or business customers






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






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






48. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






49. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses






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