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 analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






3. The percentage change in unit sales that results from a percentage change in price






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






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






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






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






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






9. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






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






11. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






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






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






15. An agreement between two brands to work together in marketing new or existing products






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






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






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






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






20. 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






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






22. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






23. Costs involved in moving from one brand to another






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






25. 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






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






27. 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






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






29. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






30. Pricing intended to establish a desired image or positioning to prospective customers






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






32. The value of something that is given up to obtain something else






33. 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






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






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






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






37. A product that consumers perceive to be new and different form existing products






38. The physical good or the delivered service that supplies the desired benefit






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






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






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






42. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






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






45. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






46. Segmenting the market and picking one of the homogeneous segments as the firms target market






47. The value of a brand to an organization






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






49. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






50. Basic or necessary items that are available almost everywhere