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. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






3. A pricing tactic of charging reduced prices for larger quantities of product






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






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






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






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






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






9. 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






10. A flexible pricing strategy that reflects what individual customers are willing to pay






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






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






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






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






15. 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






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






17. The last consumers to adopt the innovation






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






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






20. The percentage change in unit sales that results from a percentage change in price






21. The pricing strategy of setting prices below cost to attract customers into a store






22. Aim at one or more homogeneous segments and try to develop different marketing mix for each






23. 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






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






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






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






27. The value of something that is given up to obtain something else






28. A product that consumers perceive to be new and different form existing products






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






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






31. A homogeneous group of customers who will respond to a marketing mix in a similiar way






32. 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






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






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






35. 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






36. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down






37. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






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






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






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






41. 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






42. The set of alternative brands the consumer is considering for the decision process






43. 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






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






45. A price-setting method based on estimated of demand at different prices






46. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






47. 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






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






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






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