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






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






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






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






5. Selling two or more goods or services as a single package for one price






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






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






8. E-commerce that allows shoppers to purchase products through online bidding






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






10. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






11. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






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






13. The last consumers to adopt the innovation






14. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






15. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






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






17. A product people often buy on the spur of the moment






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






19. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






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






21. Moral standards that guide marketing decisions and actions






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






23. People born between 1946 and 1964






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






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






26. The physical good or the delivered service that supplies the desired benefit






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






28. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






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






30. Aim at one or more homogeneous segments and try to develop different marketing mix for each






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






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






33. 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






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






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






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






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






38. Learning that occurs as the result of rewards of punishments






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






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






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






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






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






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






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






46. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






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






48. 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






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






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