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 process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






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






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






4. 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






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






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






7. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






8. Basic or necessary items that are available almost everywhere






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






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






11. 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






12. The collaboration of two or more firms in setting prices - usually to keep prices high






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






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






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






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






17. 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






18. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






19. The relative importance of perceived consequences of the purchase to a consumer






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






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






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






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






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






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






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






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






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






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






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






31. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






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






34. The regret or remorse buyers may feel after making a purchase






35. Learning that occurs as the result of rewards of punishments






36. Segmenting the market and picking one of the homogeneous segments as the firms target market






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






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






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






40. A strategy of ducking under a competitor's price by a fixed percentage






41. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






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






43. The marketing mix is distinct from and better than what is available from a competitor






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






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






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






47. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






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






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






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