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






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






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






4. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






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






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






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






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






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






10. Products we purchase when we're in dire need






11. Costs involved in moving from one brand to another






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






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






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






16. When each family unit produces everything it consumes






17. 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






18. People born between 1946 and 1964






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






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






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






22. Goods that a business customer consumes in a relatively short time






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






24. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






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






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






27. Pricing products to maximize sales or to attain a desired level of sales or market share






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






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






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






31. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






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






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






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






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






36. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






37. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






38. The belief that use of a product has potentially negative consequences - either financial - physical or social






39. Number of babies born per 1000 people fluctuated greatly in last 65 years






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






41. 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






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






43. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






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






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






46. 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






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






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






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






50. 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






Can you answer 50 questions in 15 minutes?



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