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 pricing strategy that considers the lifetime cost of using the product






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






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






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






6. The price the end customer is expected to pay as determined by the manufacturer






7. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






8. 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






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






10. When a percentage change in price results in a larger percentage change in the quantity demanded






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






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






13. 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






14. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






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






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






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






18. 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






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






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






21. A pricing tactic of charging reduced prices for larger quantities of product






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






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






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






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






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






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






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






29. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






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






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






32. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down






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






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






35. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






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






37. 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






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






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






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






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






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






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






44. Group of people within an organization who focus exclusively on the development of a new product






45. A change in an existing product that requires a moderate amount of learning or behavior change






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






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






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






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






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







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