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






2. Costs involved in moving from one brand to another






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






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






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






6. Costs involved in using a product






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






8. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






9. 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






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






11. The practice of exchanging a good or service for another good or service of like value






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






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






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






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






16. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






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






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






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






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. A relatively permanent change in behavior caused by acquired information or experience






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






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






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






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






26. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






27. Extent to which a firm fulfills a customers needs - desires - and expectations






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






29. A brand that a group of individual products or individual brands share






30. What is left of disposable income after paying for necessities






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






32. All the benefits the product will provide for consumers or business customers






33. A flexible pricing strategy that reflects what individual customers are willing to pay






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






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






36. A product people often buy on the spur of the moment






37. 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






38. 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






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






40. 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






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






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






43. The process by which people select - organize - and interpret information form the outside world






44. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






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






46. 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






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






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






49. The process of eliminating interaction between customers and service providers






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