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






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






3. A new product that copies with slight modification the design of an original product






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






5. The regret or remorse buyers may feel after making a purchase






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






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






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






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






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






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






12. People over 65






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






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






15. An internal state that drives us to satisfy needs by activating goal-oriented behavior






16. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






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






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






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






20. The relative importance of perceived consequences of the purchase to a consumer






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






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






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






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






25. Group of people within an organization who focus exclusively on the development of a new product






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






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






28. 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






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






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






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






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






33. 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






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






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






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






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






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






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






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






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






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






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






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






45. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






46. A pricing tactic in which the seller absorbs the total cost of transportation






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






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






49. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down






50. Costs involved in moving from one brand to another