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






2. What is left after taxes






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






4. A fairly homogeneous group of customers to whom a company wishes to appeal






5. 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






6. 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






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






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






9. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






10. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm






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






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






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






14. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






15. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






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






17. 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






18. People over 65






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






20. 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






21. 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






22. Moral standards that guide marketing decisions and actions






23. Pricing that is intended to maximize customer satisfaction and retention






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






25. 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






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






27. A new product that does not reach expectations for success - failing to reach sales objectives set






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






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






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






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






32. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






33. An arrangement unique to business marketing in which two organizations agree to buy from each other






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






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






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






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






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






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






40. When each family unit produces everything it consumes






41. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






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






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






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






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






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






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






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






49. The price the end customer is expected to pay as determined by the manufacturer






50. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter