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. The practice of exchanging a good or service for another good or service of like value






2. Costs involved in using a product






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






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






5. 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






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






7. Costs involved in moving from one brand to another






8. 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






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






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






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






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






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






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






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






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






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






18. 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






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






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






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






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






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






24. Learning that occurs as the result of rewards of punishments






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






26. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






27. The seller fine tunes the marketing effort with info from a detailed customer database






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






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






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






31. An internal state that drives us to satisfy needs by activating goal-oriented behavior






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






33. A social process that directs an economy






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






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






36. 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






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






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






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






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






41. Moral standards that guide marketing decisions and actions






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






43. A marketing mix is tailored to fit some specific target customers






44. The value of a brand to an organization






45. A new product that copies with slight modification the design of an original product






46. 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






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






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






49. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






50. 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