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






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






3. When each family unit produces everything it consumes






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






5. Discounts based on the total quantity bought within a specified time period






6. The pricing strategy of setting prices below cost to attract customers into a store






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






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






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






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






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






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






13. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






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






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






17. 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






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






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






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






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






22. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






23. 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






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






25. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






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






27. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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






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






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






31. A strategy where prices are set significantly higher than competing brands






32. The loss of sales of an existing product when a new item in a product line or product family is introduced






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






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






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






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






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






38. The last consumers to adopt the innovation






39. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






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






41. 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






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






43. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






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






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






46. Basic or necessary items that are available almost everywhere






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






48. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






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






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







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