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. Discounts based only on the quantity purchased in individual orders






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






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






4. Tangible products we can see - touch - smell - hear - taste






5. 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






6. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






7. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






8. Costs involved in moving from one brand to another






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






10. The set of alternative brands the consumer is considering for the decision process






11. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






12. Income that is adjusted to take out the effects of inflation on purchasing power






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






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






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






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






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






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






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






20. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






21. A situation in which an increase or a decrease in price will not significantly affect demand for the product






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






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






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






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






26. The process by which the use of a product spreads throughout the population






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






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






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






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






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






32. The first segment (2.5%) of a population to adopt a new product






33. A price-setting method based on estimated of demand at different prices






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






35. 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






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






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






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






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






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






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






42. The process of eliminating interaction between customers and service providers






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






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






45. The relative importance of perceived consequences of the purchase to a consumer






46. 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






47. Learning that occurs as the result of rewards of punishments






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






49. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






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