Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • 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 fairly homogeneous group of customers to whom a company wishes to appeal

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

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

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

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

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

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

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

9. A change in beliefs or actions as a reaction to real or imagined group pressure

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

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

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

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

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

15. 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

16. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down

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

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

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

20. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner

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

22. A pricing tactic in which the seller absorbs the total cost of transportation

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

24. Moral standards that guide marketing decisions and actions

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

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

27. 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

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

29. 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

30. Costs involved in moving from one brand to another

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

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

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

34. Tangible products we can see - touch - smell - hear - taste

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

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

37. Sometimes called millenials - refer to those born from 1978-1994

38. The process whereby a consumer searches for appropriate information needed to make a reasonable decision

39. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs

40. A situation in which an increase or a decrease in price will not significantly affect demand for the product

41. What is left after taxes

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

43. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products

44. Goods that a business customer consumes in a relatively short time

45. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line

46. The belief that use of a product has potentially negative consequences - either financial - physical or social

47. 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

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

49. 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

50. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time