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






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






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






4. People whose children are grown and who are now able to spend their money in other ways






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






6. 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






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






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






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






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






11. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






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






13. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down






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






15. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






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






17. When a percentage change in price results in a larger percentage change in the quantity demanded






18. 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






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






20. People over 65






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






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






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






24. 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






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






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






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






28. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






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






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






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






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






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






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






35. The value that customers give up - or exchange - to obtain a desired product






36. Extent to which a firm fulfills a customers needs - desires - and expectations






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






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






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






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






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






42. 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






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






44. 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






45. 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






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






47. The division of a market according to benefits that consumers want from the product






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






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






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