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 brand that a group of individual products or individual brands share






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






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






4. 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






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






6. The practice of linking products to a particular social cause on an ongoing or short-term basis






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






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






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






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






11. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






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






13. 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






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






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






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






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






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






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






20. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






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






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






23. People born between 1946 and 1964






24. What is left after taxes






25. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






26. The psychological characteristics that consistently influence the way a person responds to situations in the environment






27. 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






28. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






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






30. 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






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






32. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






33. A change in beliefs or actions as a reaction to real or imagined group pressure






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






35. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






36. The value of a brand to an organization






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






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






39. Theories of learning that focus on how consumer behavior is changed by external events or stimuli






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






41. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






43. A means of characterizing consumers based on the different family stages they pass through as they grow older






44. 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






45. 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






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






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






48. A relatively permanent change in behavior caused by acquired information or experience






49. A marketing mix is tailored to fit some specific target customers






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