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






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






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






4. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






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






6. 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






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






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






9. The value of a brand to an organization






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






11. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






12. An agreement between two brands to work together in marketing new or existing products






13. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






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






16. 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






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






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






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






20. An arrangement unique to business marketing in which two organizations agree to buy from each other






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






22. Costs involved in using a product






23. The belief that use of a product has potentially negative consequences - either financial - physical or social






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






25. 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






26. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






27. A new product sold with the same brand name as a strong existing brand






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






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






30. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






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






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






33. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






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






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






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






37. Goods that a business customer consumes in a relatively short time






38. People born between 1946 and 1964






39. 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






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






41. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






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






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






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






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






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






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






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






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






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