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 aggregating process - clustering people with similar needs into a "market segment"






2. The last consumers to adopt the innovation






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






4. Products created when firms transform raw materials from their original state






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






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






7. A new product that does not reach expectations for success - failing to reach sales objectives set






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






9. A strategy of ducking under a competitor's price by a fixed percentage






10. 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






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






12. A homogeneous group of customers who will respond to a marketing mix in a similiar way






13. A pricing tactic of charging reduced prices for larger quantities of product






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






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






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






17. 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






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






19. The value of a brand to an organization






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






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






22. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






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






24. Tohose whose adoption to a new product signals a general acceptance of the innovation






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






26. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






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






29. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






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






31. Moral standards that guide marketing decisions and actions






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






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






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






35. 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






36. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences






37. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






38. The dimensions that consumers use to compare completing product alternatives






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






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






41. 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






42. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






43. 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






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






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






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






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






48. When each family unit produces everything it consumes






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






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