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 percentage change in unit sales that results from a percentage change in price






2. A social process that directs an economy






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






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






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






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






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






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






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






10. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






11. Basic or necessary items that are available almost everywhere






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






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






14. A means of measuring a website's success by tracking customers' movement around the company website






15. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






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






17. Costs involved in moving from one brand to another






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






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






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






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






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






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






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






25. 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






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






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






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






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






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






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






32. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






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






34. Charging a very high - premium price for a new product






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






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






37. Tohose whose adoption to a new product signals a general acceptance of the innovation






38. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






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






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






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






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






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






44. A strategy of frequently using sale prices to increase sales volume






45. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






47. The collaboration of two or more firms in setting prices - usually to keep prices high






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






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






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