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. 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






2. The loss of sales of an existing product when a new item in a product line or product family is introduced






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






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






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






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






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






8. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






9. What is left after taxes






10. Costs of production that do not change with the number of units produced






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






12. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






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






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






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






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






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






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






19. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






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






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






22. 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






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






24. Products that exhibit consistently high velocity sales in the consumer marketplace






25. The value of something that is given up to obtain something else






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






27. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






29. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






30. When each family unit produces everything it consumes






31. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






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






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






34. Costs involved in using a product






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






36. 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






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






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






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






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






41. Theories of learning that focus on how consumer behavior is changed by external events or stimuli






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






43. Those who adopt an innovation early in the diffusion process but later than the innovators






44. A means of measuring a website's success by tracking customers' movement around the company website






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






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






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






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






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






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