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






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






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






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






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






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






8. A social process that directs an economy






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






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






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






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






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






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






15. Moral standards that guide marketing decisions and actions






16. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






17. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






18. Expensive goods that an organization uses in its daily operations that last for a long time






19. A means of characterizing consumers based on the different family stages they pass through as they grow older






20. Products that consumers purchase to signal membership in a desirable social class






21. 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






22. Products created when firms transform raw materials from their original state






23. People over 65






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






25. The physical good or the delivered service that supplies the desired benefit






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






27. 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






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






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






30. The value that customers give up - or exchange - to obtain a desired product






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






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






33. The seller fine tunes the marketing effort with info from a detailed customer database






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






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






36. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






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






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






39. The difference between the cost of the product and the selling price of the product






40. Basic or necessary items that are available almost everywhere






41. Goods that a business customer consumes in a relatively short time






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






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






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






45. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






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






47. Learning that occurs as the result of rewards of punishments






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






49. 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






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






Can you answer 50 questions in 15 minutes?



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