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






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






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






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






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






6. To try to increase the size of their target markets by combining two or more segments






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






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






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






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






11. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






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






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






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






15. A product that consumers perceive to be new and different form existing products






16. 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






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






18. Refers to the generation born immediately following the baby boom - from 1965-1977






19. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






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






21. A firm's total product offering designed to satisfy a single need or desire of target customers






22. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






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






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






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






26. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






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






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






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






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






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






33. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






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






35. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






36. The value of a brand to an organization






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






38. Relevant to including a customer type in a product market






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






40. Communicating with large numbers of customers at the same time






41. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






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






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






44. The dimensions that consumers use to compare completing product alternatives






45. 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






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






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






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






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






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







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