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






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






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






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






5. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






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






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






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






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






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






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






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






13. 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






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






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






16. 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






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






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






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






20. 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






21. Costs involved in using a product






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






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






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






25. A manager who is responsible for developing and implementing the marketing plan for a single brand






26. 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






27. Products that consumers purchase to signal membership in a desirable social class






28. Brands that the manufacturer of the product owns






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






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






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






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






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






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






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






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






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






38. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






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






40. Sometimes called millenials - refer to those born from 1978-1994






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






42. 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






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






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






45. 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






46. 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






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






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






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






50. The loss of sales of an existing product when a new item in a product line or product family is introduced







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