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






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






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






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






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






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






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






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






9. Costs involved in using a product






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






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






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






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






14. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






15. The last consumers to adopt the innovation






16. The process by which people select - organize - and interpret information form the outside world






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






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






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






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






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






22. Pricing intended to establish a desired image or positioning to prospective customers






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






24. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






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






26. The final stage in the product life cycle - in which sales decrease as customer needs change






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






28. Sales forecasting based on the intuition of one or more executives






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






30. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






31. 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






32. An integrated economic and social unit wit a large population nucleus






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






34. 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






35. 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






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






37. An aggregating process - clustering people with similar needs into a "market segment"






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






39. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






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






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






42. 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






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






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






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






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






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






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






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






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