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 second stage in the product life cycle - during which the product is accepted and sales rapidly increase






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






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






4. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






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






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






7. Brands that the manufacturer of the product owns






8. A totally new product that creates major changes in the way we live






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






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






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






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






13. 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






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






15. The psychological characteristics that consistently influence the way a person responds to situations in the environment






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






17. The value of something that is given up to obtain something else






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






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






20. People whose children are grown and who are now able to spend their money in other ways






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






22. A flexible pricing strategy that reflects what individual customers are willing to pay






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






24. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






25. 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






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






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






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






29. The first segment (2.5%) of a population to adopt a new product






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






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






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






33. 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






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






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






36. The dimensions that consumers use to compare completing product alternatives






37. 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






38. Costs involved in moving from one brand to another






39. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






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






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






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






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






44. 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






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






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






47. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






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






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






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