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 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






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






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






4. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






5. An integrated economic and social unit wit a large population nucleus






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






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






8. 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






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






10. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






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






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






13. Extent to which a firm fulfills a customers needs - desires - and expectations






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






15. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






16. A strategy where prices are set significantly higher than competing brands






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






18. Costs involved in moving from one brand to another






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






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






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






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






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






24. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






25. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






26. The last consumers to adopt the innovation






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






28. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






29. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






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






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






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






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






34. A modification of an existing product that sets one brand apart from its competitors






35. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






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






37. When each family unit produces everything it consumes






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






39. The division of a market according to benefits that consumers want from the product






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






41. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






42. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






43. People over 65






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






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






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






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






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






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






50. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs







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Can you answer 50 questions in 15 minutes?


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