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 first segment (2.5%) of a population to adopt a new product






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






3. 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






4. 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






5. Pricing that is intended to have an effect on the marketing efforts of the competition






6. 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






7. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






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






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






10. E-commerce that allows shoppers to purchase products through online bidding






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






12. Income that is adjusted to take out the effects of inflation on purchasing power






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






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






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






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






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






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






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






20. 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






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






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. 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






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






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






26. The practice of exchanging a good or service for another good or service of like value






27. Relevant to including a customer type in a product market






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






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






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






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






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






33. The value of a brand to an organization






34. To try to find similar patterns within sets of data






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






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






37. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






38. The pricing strategy of setting prices below cost to attract customers into a store






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






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






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






42. A flexible pricing strategy that reflects what individual customers are willing to pay






43. 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






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






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






46. What is left after taxes






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






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






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






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