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






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






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






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






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






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






7. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






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






9. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






10. The practice of linking products to a particular social cause on an ongoing or short-term basis






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






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






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






14. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






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






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






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






18. 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






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






20. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






21. A price-setting method based on estimated of demand at different prices






22. 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






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






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






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






26. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






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






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






29. People whose children are grown and who are now able to spend their money in other ways






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






31. 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






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






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






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






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






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






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






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






39. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






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






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






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






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






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






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






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






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






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






49. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






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