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. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






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






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






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






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






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






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






8. 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






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






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






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






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






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






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






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






16. 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






17. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






18. A strategy where prices are set significantly higher than competing brands






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






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






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






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






23. People over 65






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






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






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






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






28. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






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






30. A change in beliefs or actions as a reaction to real or imagined group pressure






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






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






33. The last consumers to adopt the innovation






34. 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






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






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






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






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






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






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






41. 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






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






43. A brand that a group of individual products or individual brands share






44. Brands that the manufacturer of the product owns






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






46. Costs involved in moving from one brand to another






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






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






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






50. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category