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. Pricing that is intended to maximize customer satisfaction and retention






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






3. 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






4. People over 65






5. Selling two or more goods or services as a single package for one price






6. A product that consumers perceive to be new and different form existing products






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






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






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






10. The seller fine tunes the marketing effort with info from a detailed customer database






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






12. 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






13. Brands that the manufacturer of the product owns






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






15. 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






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






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






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






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






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






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






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






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






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






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






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






27. A homogeneous group of customers who will respond to a marketing mix in a similiar way






28. The strategy of selling products at unreasonably low prices to drive competitors out of business






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






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






31. A social process that directs an economy






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






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






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






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






36. Costs involved in moving from one brand to another






37. 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






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






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






40. 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






41. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






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






44. A modification of an existing product that sets one brand apart from its competitors






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






46. When a percentage change in price results in a larger percentage change in the quantity demanded






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






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






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






50. Number of babies born per 1000 people fluctuated greatly in last 65 years







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