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 forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses






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






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






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






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






6. A flexible pricing strategy that reflects what individual customers are willing to pay






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






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






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






10. When a percentage change in price results in a larger percentage change in the quantity demanded






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






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






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






14. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






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






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






18. The practice of exchanging a good or service for another good or service of like value






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






20. 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






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






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






23. A strategy of frequently using sale prices to increase sales volume






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






25. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition






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






27. 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






28. 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






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






30. What is left after taxes






31. Pricing that is intended to have an effect on the marketing efforts of the competition






32. The pricing strategy of setting prices below cost to attract customers into a store






33. When each family unit produces everything it consumes






34. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






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






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






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






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






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






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






41. 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






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






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






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






45. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






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






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






48. People born between 1946 and 1964






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






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