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






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






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






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






5. The psychological characteristics that consistently influence the way a person responds to situations in the environment






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






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






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






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






10. A strategy of ducking under a competitor's price by a fixed percentage






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






12. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






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






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






15. The marketing mix is distinct from and better than what is available from a competitor






16. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






17. 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






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






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






20. A modification of an existing product that sets one brand apart from its competitors






21. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






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






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






24. An agreement between two brands to work together in marketing new or existing products






25. 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






26. When a percentage change in price results in a larger percentage change in the quantity demanded






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






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






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






30. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






31. Moral standards that guide marketing decisions and actions






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






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






34. Pricing products to maximize sales or to attain a desired level of sales or market share






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






36. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






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






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






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






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






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






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






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






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






45. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






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






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






48. 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






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






50. E-commerce that allows shoppers to purchase products through online bidding