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






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






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






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






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






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






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






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






9. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






10. 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






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






12. Discounts based only on the quantity purchased in individual orders






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






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






15. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






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






17. Products that exhibit consistently high velocity sales in the consumer marketplace






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






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






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






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






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






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






24. 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






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






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






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






28. 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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






44. A relatively permanent change in behavior caused by acquired information or experience






45. The regret or remorse buyers may feel after making a purchase






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






47. 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






48. Pricing that is intended to have an effect on the marketing efforts of the competition






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






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