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






2. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






3. Products created when firms transform raw materials from their original state






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






5. People born between 1946 and 1964






6. A marketing mix is tailored to fit some specific target customers






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






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






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






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






11. When each family unit produces everything it consumes






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






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






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






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






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






17. 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






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






19. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






20. 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






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






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






23. A relatively permanent change in behavior caused by acquired information or experience






24. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses






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






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






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






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






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






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






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






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






33. People over 65






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






35. Relevant to including a customer type in a product market






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






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






38. The value of a brand to an organization






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






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






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






42. Pricing a new product low for a limited period of time to lower the risk for a customer






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






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






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






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






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






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






49. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






50. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention







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