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. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






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






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






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






5. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






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






7. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






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






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






10. A social process that directs an economy






11. A mental rule of thumb that leads to a speedy decision by simplifying the process






12. Selling two or more goods or services as a single package for one price






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






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






15. Basic or necessary items that are available almost everywhere






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






17. Pricing a new product low for a limited period of time to lower the risk for a customer






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






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






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






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






22. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






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






25. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






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






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






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






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






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






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






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






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






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






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






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






37. A new product sold with the same brand name as a strong existing brand






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






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






40. When each family unit produces everything it consumes






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






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






43. A strategy of frequently using sale prices to increase sales volume






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






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






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






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






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






49. 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






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