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 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






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






3. Communicating with large numbers of customers at the same time






4. Products that consumers purchase to signal membership in a desirable social class






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






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






7. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






8. Group of people within an organization who focus exclusively on the development of a new product






9. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






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






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






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






13. Brands that the manufacturer of the product owns






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






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






16. Segmenting the market and picking one of the homogeneous segments as the firms target market






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






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






19. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






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






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






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






23. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






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






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






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






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






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






29. A situation in which an increase or a decrease in price will not significantly affect demand for the product






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






31. Costs involved in moving from one brand to another






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






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






34. 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






35. Products that exhibit consistently high velocity sales in the consumer marketplace






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






37. Sometimes called millenials - refer to those born from 1978-1994






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






39. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






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






42. Those who adopt an innovation early in the diffusion process but later than the innovators






43. A social process that directs an economy






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






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






46. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






47. A strategy of experimenting with prices until the price that generates the highest profitability is found






48. A new product that copies with slight modification the design of an original product






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






50. The collaboration of two or more firms in setting prices - usually to keep prices high