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 relatively permanent change in behavior caused by acquired information or experience






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






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






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






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






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






7. 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






8. 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






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






10. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






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






12. 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






13. The values - beliefs - customs - and tastes that a group of people value






14. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






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






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






17. 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






18. The difference between the cost of the product and the selling price of the product






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






20. Income that is adjusted to take out the effects of inflation on purchasing power






21. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition






22. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






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






24. Costs involved in moving from one brand to another






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






26. 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






27. People born between 1946 and 1964






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






29. Pricing that is intended to have an effect on the marketing efforts of the competition






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






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






32. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






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






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






36. A fairly homogeneous group of customers to whom a company wishes to appeal






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






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






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






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






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






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






43. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






44. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






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






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






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






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






49. Combining two or more submarkets into one larger target market as a basis for one strategy






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







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Can you answer 50 questions in 15 minutes?


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