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. Aim at one or more homogeneous segments and try to develop different marketing mix for each






2. The belief that use of a product has potentially negative consequences - either financial - physical or social






3. The process by which people select - organize - and interpret information form the outside world






4. The first segment (2.5%) of a population to adopt a new product






5. Discounts based on the total quantity bought within a specified time period






6. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






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






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






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






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






12. Moral standards that guide marketing decisions and actions






13. 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






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






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






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






17. 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






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






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






20. Income that is adjusted to take out the effects of inflation on purchasing power






21. A pricing tactic in which the seller absorbs the total cost of transportation






22. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






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






24. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






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






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






27. The final stage in the product life cycle - in which sales decrease as customer needs change






28. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






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






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






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






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






33. Costs involved in moving from one brand to another






34. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






35. 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






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






37. 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






38. 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






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






40. 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






41. A homogeneous group of customers who will respond to a marketing mix in a similiar way






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






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






44. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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






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






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






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






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






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