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 of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner






2. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






3. E-commerce that allows shoppers to purchase products through online bidding






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






5. The last consumers to adopt the innovation






6. Costs involved in moving from one brand to another






7. 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






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






9. A product people often buy on the spur of the moment






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






11. Selling two or more goods or services as a single package for one price






12. People over 65






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






14. Brands that are owned and sold by a specific - retailer or distributor






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






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






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






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






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






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






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






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






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






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






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






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






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






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






29. 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






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






31. A brand that a group of individual products or individual brands share






32. People whose children are grown and who are now able to spend their money in other ways






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






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






35. A pricing tactic in which the seller absorbs the total cost of transportation






36. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






38. 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






39. The overall feelings or attitude a person has about a product after purchasing it






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






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






42. When each family unit produces everything it consumes






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






44. An organizational unit that focuses on some product markets and is treated as a separate profit center






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






46. Those that actually affect the customers purchase of specific product or brand in a product market






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






48. People born between 1946 and 1964






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






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