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. Communicating with large numbers of customers at the same time






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






3. The strategy of selling products at unreasonably low prices to drive competitors out of business






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






5. 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






6. Moral standards that guide marketing decisions and actions






7. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






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






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






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






12. Discounts based on the total quantity bought within a specified time 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. Pricing that is intended to maximize customer satisfaction and retention






15. The price the end customer is expected to pay as determined by the manufacturer






16. 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






17. A product that consumers perceive to be new and different form existing products






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






19. A totally new product that creates major changes in the way we live






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






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






22. The process by which the use of a product spreads throughout the population






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






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






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






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






27. Basic or necessary items that are available almost everywhere






28. A social process that directs an economy






29. 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






30. The dimensions that consumers use to compare completing product alternatives






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






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






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






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






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






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






37. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






38. Tohose whose adoption to a new product signals a general acceptance of the innovation






39. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






40. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






41. 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






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






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






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






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






46. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






47. The last consumers to adopt the innovation






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






49. A pricing strategy that considers the lifetime cost of using the product






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