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. People over 65






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






3. 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






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






5. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






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






7. 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






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






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






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






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






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






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






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






15. People born between 1946 and 1964






16. Moral standards that guide marketing decisions and actions






17. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






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






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






20. A means of characterizing consumers based on the different family stages they pass through as they grow older






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






22. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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






24. A social process that directs an economy






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






26. Number of babies born per 1000 people fluctuated greatly in last 65 years






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






28. People whose children are grown and who are now able to spend their money in other ways






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






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






31. 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






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






33. The psychological characteristics that consistently influence the way a person responds to situations in the environment






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






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






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






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






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






39. Pricing that is intended to have an effect on the marketing efforts of the competition






40. A price-setting method based on estimated of demand at different prices






41. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






43. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






44. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






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






46. 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






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






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






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






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







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Can you answer 50 questions in 15 minutes?


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