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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. The psychological characteristics that consistently influence the way a person responds to situations in the environment






2. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






3. A means of characterizing consumers based on the different family stages they pass through as they grow older






4. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






5. The final stage in the product life cycle - in which sales decrease as customer needs change






6. Costs involved in using a product






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






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






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






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






11. 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






12. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






13. 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






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






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






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






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






18. Brands that the manufacturer of the product owns






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






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






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






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






23. The practice of linking products to a particular social cause on an ongoing or short-term basis






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






25. The marketing mix is distinct from and better than what is available from a competitor






26. 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






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






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






29. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






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






31. Costs of production that do not change with the number of units produced






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






33. Theories of learning that focus on how consumer behavior is changed by external events or stimuli






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






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






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






37. 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






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






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






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






41. 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






42. 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






43. The last consumers to adopt the innovation






44. A pricing tactic in which customers in different geographic zones pay different transportation rates






45. When a percentage change in price results in a smaller percentage change in the quantity demanded






46. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






47. An aggregating process - clustering people with similar needs into a "market segment"






48. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






49. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






50. 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







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