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






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






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






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






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






6. 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






7. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






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






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






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






11. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






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






13. 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






14. Costs of production that do not change with the number of units produced






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






16. A homogeneous group of customers who will respond to a marketing mix in a similiar way






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






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






19. 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






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






21. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






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






23. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






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






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






26. 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






27. A means of characterizing consumers based on the different family stages they pass through as they grow older






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






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






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






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






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






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






34. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






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






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






37. The value of a brand to an organization






38. 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






39. The collaboration of two or more firms in setting prices - usually to keep prices high






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






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






42. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






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






44. The price the end customer is expected to pay as determined by the manufacturer






45. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






46. When each family unit produces everything it consumes






47. The first segment (2.5%) of a population to adopt a new product






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






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






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