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






2. 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






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






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






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






6. All the benefits the product will provide for consumers or business customers






7. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






8. An aggregating process - clustering people with similar needs into a "market segment"






9. What is left after taxes






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






11. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






12. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences






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






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






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






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






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






18. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






20. 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






21. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






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






23. When a percentage change in price results in a smaller percentage change in the quantity demanded






24. Products created when firms transform raw materials from their original state






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






26. The practice of setting a limited number of different specific prices - called price points - for items in a product line






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






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






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






30. Basic or necessary items that are available almost everywhere






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






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






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






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






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






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. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






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






39. A firm's total product offering designed to satisfy a single need or desire of target customers






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






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






42. A strategy of experimenting with prices until the price that generates the highest profitability is found






43. Communicating with large numbers of customers at the same time






44. Those who adopt an innovation early in the diffusion process but later than the innovators






45. A change in an existing product that requires a moderate amount of learning or behavior change






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






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






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






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






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