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 to obvious but it re-enforces your understanding as you take the test each time.
1. The practice of exchanging a good or service for another good or service of like value






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






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






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






5. The marketing mix is distinct from and better than what is available from a competitor






6. To try to increase the size of their target markets by combining two or more segments






7. The last consumers to adopt the innovation






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






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






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






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






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






13. The values - beliefs - customs - and tastes that a group of people value






14. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






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






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






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






18. Tangible products we can see - touch - smell - hear - taste






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






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






21. 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






22. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






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






24. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






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






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






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






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






29. 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






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






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






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






33. Number of babies born per 1000 people fluctuated greatly in last 65 years






34. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






35. 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






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






37. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






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






40. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






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






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






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






45. An internal state that drives us to satisfy needs by activating goal-oriented behavior






46. Costs involved in using a product






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






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






49. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






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