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 strategy where prices are set significantly higher than competing brands






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






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






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






5. The last consumers to adopt the innovation






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






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






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






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






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






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






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






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






14. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






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






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






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






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






19. 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






20. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






21. 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






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






23. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






24. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






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






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






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






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






29. Sales forecasting based on the intuition of one or more executives






30. What is left after taxes






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






32. People over 65






33. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






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






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






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






37. A change in an existing product that requires a moderate amount of learning or behavior change






38. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






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






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






41. 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






42. The first segment (2.5%) of a population to adopt a new product






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






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






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






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






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






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






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






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