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






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






3. 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






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






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






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






7. 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






8. Discounts based on the total quantity bought within a specified time period






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






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






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






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






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






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






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






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






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






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






19. Costs involved in using a product






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






21. The practice of setting a limited number of different specific prices - called price points - for items in a product line






22. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






23. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






24. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






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






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






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






28. Pricing that is intended to have an effect on the marketing efforts of the competition






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






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






31. A social process that directs an economy






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






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






34. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






35. Costs of production that do not change with the number of units produced






36. People born between 1946 and 1964






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






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






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






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






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






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






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






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






45. A price-setting method based on estimated of demand at different prices






46. Group of people within an organization who focus exclusively on the development of a new product






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






48. 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






49. Pricing products to maximize sales or to attain a desired level of sales or market share






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







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