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 by which the use of a product spreads throughout the population






2. A pricing tactic in which customers in different geographic zones pay different transportation rates






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






4. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






5. The value of a brand to an organization






6. The actual interaction between the customer and the service provider






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






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






9. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






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






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






12. 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






13. Pricing products to maximize sales or to attain a desired level of sales or market share






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






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






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






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






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






19. The division of a market according to benefits that consumers want from the product






20. To try to increase the size of their target markets by combining two or more segments






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






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






23. The price the end customer is expected to pay as determined by the manufacturer






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






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






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






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






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






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






30. People over 65






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






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






33. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






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






35. A social process that directs an economy






36. 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






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






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






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






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






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






42. The seller fine tunes the marketing effort with info from a detailed customer database






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






44. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






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






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






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






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






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






50. People born between 1946 and 1964