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. Pricing that is intended to maximize customer satisfaction and retention






2. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






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






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






5. People over 65






6. 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






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






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






9. What is left after taxes






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






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






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






13. Communicating with large numbers of customers at the same time






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






15. The practice of setting a limited number of different specific prices - called price points - for items in a product line






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






17. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






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






19. A modification of an existing product that sets one brand apart from its competitors






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






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






22. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






23. An agreement between two brands to work together in marketing new or existing products






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






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






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






28. The psychological characteristics that consistently influence the way a person responds to situations in the environment






29. Moral standards that guide marketing decisions and actions






30. 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






31. Pricing intended to establish a desired image or positioning to prospective customers






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






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






34. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






35. A social process that directs an economy






36. The value of a brand to an organization






37. To try to increase the size of their target markets by combining two or more segments






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






39. 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






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






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






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






43. Combining two or more submarkets into one larger target market as a basis for one strategy






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






45. 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






46. 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






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






48. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






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






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