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. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






2. 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






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






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






5. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






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






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






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






9. What is left of disposable income after paying for necessities






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






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






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






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






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






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






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






17. 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






18. When each family unit produces everything it consumes






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






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






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






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






23. Combining two or more submarkets into one larger target market as a basis for one strategy






24. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






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






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






27. 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






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






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






30. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






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






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






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






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






35. A strategy of experimenting with prices until the price that generates the highest profitability is found






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






37. A change in beliefs or actions as a reaction to real or imagined group pressure






38. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






39. An integrated economic and social unit wit a large population nucleus






40. 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






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






42. A social process that directs an economy






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






44. 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






45. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






47. The strategy of selling products at unreasonably low prices to drive competitors out of business






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






49. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






50. 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