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






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






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






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






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






6. A change in an existing product that requires a moderate amount of learning or behavior change






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






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






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






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






11. Expensive goods that an organization uses in its daily operations that last for a long time






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






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






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






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






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






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






18. 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






19. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences






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






21. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






22. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






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






24. 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






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






26. 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






27. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






28. 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






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






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






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






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






33. Pricing products with a focus on a target level of profit growth or a desired net profit margin






34. Charging a very high - premium price for a new product






35. Moral standards that guide marketing decisions and actions






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






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






38. The regret or remorse buyers may feel after making a purchase






39. 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






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






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






42. A mental rule of thumb that leads to a speedy decision by simplifying the process






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






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






45. Relevant to including a customer type in a product market






46. 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






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






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






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






50. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production