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






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






3. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






4. The values - beliefs - customs - and tastes that a group of people value






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






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






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






8. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






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






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






11. Discounts based only on the quantity purchased in individual orders






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






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






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






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






16. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






17. The process by which organization adjust their offering in an attempt to match demand






18. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






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






20. A new product sold with the same brand name as a strong existing brand






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






22. Refers to the generation born immediately following the baby boom - from 1965-1977






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






24. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






25. A social process that directs an economy






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






27. 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






28. Those who adopt an innovation early in the diffusion process but later than the innovators






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






30. The value of something that is given up to obtain something else






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






32. The difference between the cost of the product and the selling price of the product






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






34. The percentage change in unit sales that results from a percentage change in price






35. The regret or remorse buyers may feel after making a purchase






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






37. Brands that the manufacturer of the product owns






38. E-commerce that allows shoppers to purchase products through online bidding






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






40. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






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






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






43. What is left after taxes






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






45. People over 65






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






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






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






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