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 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






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






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






4. 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






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






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






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






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






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






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






11. Basic or necessary items that are available almost everywhere






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






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






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






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






16. To try to find similar patterns within sets of data






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






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






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






20. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






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






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






23. 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






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






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






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






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






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






29. A new product that copies with slight modification the design of an original product






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






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






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






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






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






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






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






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






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






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






40. The dimensions that consumers use to compare completing product alternatives






41. When each family unit produces everything it consumes






42. 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






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






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






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






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






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






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






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






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







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