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






2. 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






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






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






5. 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






6. 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






7. An organizational unit that focuses on some product markets and is treated as a separate profit center






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






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






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






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






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






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






14. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






15. Brands that are owned and sold by a specific - retailer or distributor






16. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






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






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






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






20. Charging a very high - premium price for a new product






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






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






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






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






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






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






27. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






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






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






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






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






32. Segmenting the market and picking one of the homogeneous segments as the firms target market






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






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






35. Moral standards that guide marketing decisions and actions






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






37. A change in beliefs or actions as a reaction to real or imagined group pressure






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






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






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






41. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






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






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






44. The value that customers give up - or exchange - to obtain a desired product






45. Costs involved in moving from one brand to another






46. Costs involved in using a product






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






48. 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






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






50. 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