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






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






3. 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






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






5. The overall feelings or attitude a person has about a product after purchasing it






6. 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






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






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






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






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






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






12. Products created when firms transform raw materials from their original state






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






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






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






16. A fairly homogeneous group of customers to whom a company wishes to appeal






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






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






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






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






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






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






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






24. Segmenting the market and picking one of the homogeneous segments as the firms target market






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






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






27. 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






28. 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






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






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. Brands that the manufacturer of the product owns






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






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






34. An aggregating process - clustering people with similar needs into a "market segment"






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






36. Costs involved in moving from one brand to another






37. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






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






39. A firm's total product offering designed to satisfy a single need or desire of target customers






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






41. Products we purchase when we're in dire need






42. Pricing products to maximize sales or to attain a desired level of sales or market share






43. The actual interaction between the customer and the service provider






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






45. A pricing tactic of charging reduced prices for larger quantities of product






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






47. 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






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






49. The last consumers to adopt the innovation






50. The physical good or the delivered service that supplies the desired benefit