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 seller fine tunes the marketing effort with info from a detailed customer database






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






3. 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






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






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






6. The physical good or the delivered service that supplies the desired benefit






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






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






9. When each family unit produces everything it consumes






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






11. A pricing tactic in which customers in different geographic zones pay different transportation rates






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






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






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






15. The value of a brand to an organization






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






17. The set of alternative brands the consumer is considering for the decision process






18. People over 65






19. When a percentage change in price results in a smaller percentage change in the quantity demanded






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






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






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






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






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






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






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






27. 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






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






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






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






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






32. Relevant to including a customer type in a product market






33. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






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






35. 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






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






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






38. The value that customers give up - or exchange - to obtain a desired product






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






40. What is left after taxes






41. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






42. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






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






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






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






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






47. 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






48. A strategy of frequently using sale prices to increase sales volume






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






50. A social process that directs an economy







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