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






2. 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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






21. Pricing that is intended to maximize customer satisfaction and retention






22. 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






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






24. 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






25. People born between 1946 and 1964






26. 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






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






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






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






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






32. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






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






34. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






35. When each family unit produces everything it consumes






36. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






37. The strategy of selling products at unreasonably low prices to drive competitors out of business






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






39. A social process that directs an economy






40. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






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






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






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






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






46. 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






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






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






49. 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






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