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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 value of a brand to an organization






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






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






4. 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






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






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






7. Costs involved in moving from one brand to another






8. 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






9. A mental rule of thumb that leads to a speedy decision by simplifying the process






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






11. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






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






13. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down






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






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






16. The last consumers to adopt the innovation






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






18. A social process that directs an economy






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






20. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






21. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






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






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






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






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






26. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






27. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






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






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






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






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






32. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






33. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






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






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






36. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






37. A pricing tactic of charging reduced prices for larger quantities of product






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






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






40. A new product that copies with slight modification the design of an original product






41. To try to find similar patterns within sets of data






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. 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






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






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






47. 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






48. A situation in which an increase or a decrease in price will not significantly affect demand for the product






49. The division of a market according to benefits that consumers want from the product






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







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