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. The process of eliminating interaction between customers and service providers






2. The value of something that is given up to obtain something else






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






4. Discounts based on the total quantity bought within a specified time period






5. 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






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






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






8. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






9. 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






10. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






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






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






13. What is left of disposable income after paying for necessities






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






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






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






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






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






19. A strategy of ducking under a competitor's price by a fixed percentage






20. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






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






22. The practice of setting a limited number of different specific prices - called price points - for items in a product line






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






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






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






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






27. 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






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






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






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






31. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






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






33. An agreement between two brands to work together in marketing new or existing products






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






35. All the benefits the product will provide for consumers or business customers






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






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






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






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






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






41. The value of a brand to an organization






42. 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






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






44. 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






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






46. When each family unit produces everything it consumes






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






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






49. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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