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 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






2. The value of a brand to an organization






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






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






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






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






7. An integrated economic and social unit wit a large population nucleus






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






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






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






11. 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






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






13. The relative importance of perceived consequences of the purchase to a consumer






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






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






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






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






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






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






20. 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






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






22. The difference between the cost of the product and the selling price of the product






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






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






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






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






27. An arrangement unique to business marketing in which two organizations agree to buy from each other






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






29. The last consumers to adopt the innovation






30. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






32. Costs involved in using a product






33. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






34. 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






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






36. 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






37. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






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






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






40. 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






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






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






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






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






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






46. A new product that copies with slight modification the design of an original product






47. Those that actually affect the customers purchase of specific product or brand in a product market






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






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






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