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 theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






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






4. 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






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






6. Costs involved in moving from one brand to another






7. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






8. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






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






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






11. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






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






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






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






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






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






17. 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






18. All the benefits the product will provide for consumers or business customers






19. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






20. 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






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






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. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






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






25. A mental rule of thumb that leads to a speedy decision by simplifying the process






26. What is left after taxes






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






28. Basic or necessary items that are available almost everywhere






29. 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






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






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






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






33. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






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






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






36. 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






37. A strategy of ducking under a competitor's price by a fixed percentage






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






39. Pricing that is intended to maximize customer satisfaction and retention






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






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






42. The value that customers give up - or exchange - to obtain a desired product






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






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






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






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






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






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






49. The marketing mix is distinct from and better than what is available from a competitor






50. When each family unit produces everything it consumes