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






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






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






4. 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






5. 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






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






7. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






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






9. A price-setting method based on estimated of demand at different prices






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






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






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






13. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






14. A means of characterizing consumers based on the different family stages they pass through as they grow older






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






16. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






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






18. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm






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






20. Goods that a business customer consumes in a relatively short time






21. 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






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






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






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






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






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






27. A pricing strategy in which a firm sets prices that provide ultimate value to customers






28. The actual interaction between the customer and the service provider






29. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






30. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






31. Basic or necessary items that are available almost everywhere






32. Costs involved in moving from one brand to another






33. 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






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






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






36. Products that consumers purchase to signal membership in a desirable social class






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






38. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






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






40. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






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






42. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






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






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






45. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






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






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






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






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






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







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