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 social process that directs an economy






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






3. The marketing mix is distinct from and better than what is available from a competitor






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






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






6. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






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






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






10. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






11. A pricing tactic in which customers in different geographic zones pay different transportation rates






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






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






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






15. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






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






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






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






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






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






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






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






23. 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






24. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






25. When each family unit produces everything it consumes






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






27. 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






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






29. Pricing a new product low for a limited period of time to lower the risk for a customer






30. 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






31. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






33. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






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






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






36. Those that actually affect the customers purchase of specific product or brand in a product market






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






38. A pricing strategy that considers the lifetime cost of using the product






39. A strategy where prices are set significantly higher than competing brands






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






41. Combining two or more submarkets into one larger target market as a basis for one strategy






42. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






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






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






45. The value of a brand to an organization






46. The actual interaction between the customer and the service provider






47. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






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






50. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women