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. 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






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






3. 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






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






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






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






7. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






8. 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






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






10. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






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






12. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






13. The value of a brand to an organization






14. Products that exhibit consistently high velocity sales in the consumer marketplace






15. 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






16. Goods that a business customer consumes in a relatively short time






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






18. 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






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






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






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






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






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






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






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






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






27. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






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






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






30. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






31. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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






33. 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






34. Extent to which a firm fulfills a customers needs - desires - and expectations






35. Discounts based only on the quantity purchased in individual orders






36. Pricing that is intended to have an effect on the marketing efforts of the competition






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






38. 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






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






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






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






42. Products created when firms transform raw materials from their original state






43. Costs of production that do not change with the number of units produced






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






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






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






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






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






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






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