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 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






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






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






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






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






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






7. People over 65






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






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. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






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






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






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






14. 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






15. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






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






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






18. A social process that directs an economy






19. A pricing strategy that considers the lifetime cost of using the product






20. What is left after taxes






21. 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






22. 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






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






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






25. 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






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






27. 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






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






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






30. 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






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






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






33. Segmenting the market and picking one of the homogeneous segments as the firms target market






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






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






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






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






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






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






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






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






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






43. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






44. 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






45. Pricing products to maximize sales or to attain a desired level of sales or market share






46. Number of babies born per 1000 people fluctuated greatly in last 65 years






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






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






49. Combining two or more submarkets into one larger target market as a basis for one strategy






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