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






2. A social process that directs an economy






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






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






5. Costs involved in moving from one brand to another






6. Pricing intended to establish a desired image or positioning to prospective customers






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






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






9. Products we purchase when we're in dire need






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






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






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






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






14. The strategy of selling products at unreasonably low prices to drive competitors out of business






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






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






17. Brands that the manufacturer of the product owns






18. 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






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






20. Moral standards that guide marketing decisions and actions






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






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






23. 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






24. A product people often buy on the spur of the moment






25. 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






26. 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






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






28. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






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






30. Tangible products we can see - touch - smell - hear - taste






31. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






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






33. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






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






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






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






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






38. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






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






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






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






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






43. The process by which the use of a product spreads throughout the population






44. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






45. People born between 1946 and 1964






46. 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






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






48. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






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






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