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. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






2. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






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






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






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






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






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






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






9. Relevant to including a customer type in a product market






10. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






11. The value of a brand to an organization






12. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses






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






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






15. Basic or necessary items that are available almost everywhere






16. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






17. Brands that the manufacturer of the product owns






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






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






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






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






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






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






24. When each family unit produces everything it consumes






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






26. 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






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






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






29. To try to find similar patterns within sets of data






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






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






32. Costs involved in using a product






33. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






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






35. A pricing tactic in which the seller absorbs the total cost of transportation






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






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






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






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






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






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






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






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






44. People over 65






45. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






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






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






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






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






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