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






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






4. 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






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






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






7. When a percentage change in price results in a smaller percentage change in the quantity demanded






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






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






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






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






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






13. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






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






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






16. The process by which people select - organize - and interpret information form the outside world






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






18. Pricing a new product low for a limited period of time to lower the risk for a customer






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






20. Aim at one or more homogeneous segments and try to develop different marketing mix for each






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






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






23. 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






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






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






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






27. The loss of sales of an existing product when a new item in a product line or product family is introduced






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






29. A pricing strategy that considers the lifetime cost of using the product






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






31. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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






33. 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






34. A fairly homogeneous group of customers to whom a company wishes to appeal






35. All the benefits the product will provide for consumers or business customers






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






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






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






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






40. Pricing that is intended to have an effect on the marketing efforts of the competition






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






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






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






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






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






46. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






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






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






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






50. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income