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. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






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






3. 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






4. The percentage change in unit sales that results from a percentage change in price






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






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






7. A new product that does not reach expectations for success - failing to reach sales objectives set






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






9. 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






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






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






12. E-commerce that allows shoppers to purchase products through online bidding






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






14. 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






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






16. 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






17. 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






18. Brands that the manufacturer of the product owns






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






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






21. Basic or necessary items that are available almost everywhere






22. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






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






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






25. People over 65






26. What is left after taxes






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






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






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






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






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






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






33. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






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






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






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






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






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






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






40. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






41. A social process that directs an economy






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






43. 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






44. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






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






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






47. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






48. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






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






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







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