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






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






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






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






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






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






7. A strategy of experimenting with prices until the price that generates the highest profitability is found






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






9. People over 65






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






11. 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






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






13. 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






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






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






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






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






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






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






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






21. Those who adopt an innovation early in the diffusion process but later than the innovators






22. 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






23. A brand that a group of individual products or individual brands share






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






25. 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






26. Sometimes called millenials - refer to those born from 1978-1994






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






28. 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






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






30. When each family unit produces everything it consumes






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






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






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






34. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






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






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






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






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






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






40. 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






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






42. 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






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






44. Selling two or more goods or services as a single package for one price






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






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






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






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






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






50. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences







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