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






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






3. Charging a very high - premium price for a new product






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






5. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






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






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






8. 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






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






10. A totally new product that creates major changes in the way we live






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






12. A means of measuring a website's success by tracking customers' movement around the company website






13. The percentage change in unit sales that results from a percentage change in price






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






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






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






17. Brands that the manufacturer of the product owns






18. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






19. Aim at one or more homogeneous segments and try to develop different marketing mix for each






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






21. Combining two or more submarkets into one larger target market as a basis for one strategy






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






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






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






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






26. Costs involved in moving from one brand to another






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






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






29. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






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






31. The dimensions that consumers use to compare completing product alternatives






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






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






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






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






36. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






37. Those that actually affect the customers purchase of specific product or brand in a product market






38. A new product that copies with slight modification the design of an original product






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






40. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






41. 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






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






43. 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






44. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






45. An internal state that drives us to satisfy needs by activating goal-oriented behavior






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






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






48. An integrated economic and social unit wit a large population nucleus






49. The process by which organization adjust their offering in an attempt to match demand






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