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 decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






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






3. Brands that the manufacturer of the product owns






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






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






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






7. What is left of disposable income after paying for necessities






8. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






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






10. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






11. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






12. 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






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






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






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






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






17. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






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






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






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






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






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






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






24. The regret or remorse buyers may feel after making a purchase






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






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






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






28. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






29. When a percentage change in price results in a larger percentage change in the quantity demanded






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






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






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






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






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






35. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






36. 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






37. The actual interaction between the customer and the service provider






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






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






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






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






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






43. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






44. The practice of linking products to a particular social cause on an ongoing or short-term basis






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






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






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






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






49. 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






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