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. To try to find similar patterns within sets of data






2. 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






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






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






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






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






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






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






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






10. People born between 1946 and 1964






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






12. Costs involved in moving from one brand to another






13. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






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






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






16. A fairly homogeneous group of customers to whom a company wishes to appeal






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






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






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






20. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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






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






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






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






25. A pricing tactic of charging reduced prices for larger quantities of product






26. 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






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






28. Products that exhibit consistently high velocity sales in the consumer marketplace






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






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






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






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






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






34. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






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






36. The values - beliefs - customs - and tastes that a group of people value






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






38. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






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






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






41. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






42. A new product sold with the same brand name as a strong existing brand






43. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






44. An organizational unit that focuses on some product markets and is treated as a separate profit center






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






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






47. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






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






49. The difference between the cost of the product and the selling price of the product






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







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