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






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






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






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






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






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






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






8. The process by which the use of a product spreads throughout the population






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






10. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






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






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






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






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






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






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






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






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






19. To try to find similar patterns within sets of data






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






21. 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






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






23. Learning that occurs as the result of rewards of punishments






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






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






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






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






28. The practice of setting a limited number of different specific prices - called price points - for items in a product line






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






30. Those who adopt an innovation early in the diffusion process but later than the innovators






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






32. Basic or necessary items that are available almost everywhere






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






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






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






36. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






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






38. Costs involved in using a product






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






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






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






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






43. Extent to which a firm fulfills a customers needs - desires - and expectations






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






45. 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






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






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






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






49. The overall feelings or attitude a person has about a product after purchasing it






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







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