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. Learning that occurs as the result of rewards of punishments






2. People born between 1946 and 1964






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






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






5. The set of alternative brands the consumer is considering for the decision process






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






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






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






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






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






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






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






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






14. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






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






16. A strategy where prices are set significantly higher than competing brands






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






18. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






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






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






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






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






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






24. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






26. A product people often buy on the spur of the moment






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






28. The process by which the use of a product spreads throughout the population






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






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






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






32. Basic or necessary items that are available almost everywhere






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






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






35. 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






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






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






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






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






40. Brands that are owned and sold by a specific - retailer or distributor






41. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






42. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






43. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






44. To try to increase the size of their target markets by combining two or more segments






45. A pricing tactic in which the seller absorbs the total cost of transportation






46. Brands that the manufacturer of the product owns






47. The actual interaction between the customer and the service provider






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






49. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






50. 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