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






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






3. A change in beliefs or actions as a reaction to real or imagined group pressure






4. A marketing mix is tailored to fit some specific target customers






5. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






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






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






8. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






9. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






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






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






12. 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






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






14. The process by which the use of a product spreads throughout the population






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






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






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






18. 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






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






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






21. 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






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






23. The set of alternative brands the consumer is considering for the decision process






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






25. What is left of disposable income after paying for necessities






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






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






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






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






30. Tohose whose adoption to a new product signals a general acceptance of the innovation






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






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






33. A social process that directs an economy






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






35. Brands that the manufacturer of the product owns






36. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






37. Costs involved in moving from one brand to another






38. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






39. A pricing strategy that considers the lifetime cost of using the product






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






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






42. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






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






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






45. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner






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






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






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






49. 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






50. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences