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






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






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






4. People born between 1946 and 1964






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






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






7. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition






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






9. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






10. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






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






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






13. Income that is adjusted to take out the effects of inflation on purchasing power






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






15. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






16. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






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






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






19. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses






20. Products created when firms transform raw materials from their original state






21. The seller fine tunes the marketing effort with info from a detailed customer database






22. A marketing mix is tailored to fit some specific target customers






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






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






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






26. The final stage in the product life cycle - in which sales decrease as customer needs change






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






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






29. Moral standards that guide marketing decisions and actions






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






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






32. 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






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






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






35. 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






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






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






38. The last consumers to adopt the innovation






39. The physical good or the delivered service that supplies the desired benefit






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






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






42. 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






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






44. A pricing tactic of charging reduced prices for larger quantities of product






45. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






46. Brands that are owned and sold by a specific - retailer or distributor






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






48. Brands that the manufacturer of the product owns






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






50. A change in an existing product that requires a moderate amount of learning or behavior change