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






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






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






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






5. 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






6. The values - beliefs - customs - and tastes that a group of people value






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






8. Products that consumers purchase to signal membership in a desirable social class






9. Pricing products to maximize sales or to attain a desired level of sales or market share






10. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






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






12. 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






13. 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






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






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






16. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






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






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






19. Basic or necessary items that are available almost everywhere






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






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






22. The price the end customer is expected to pay as determined by the manufacturer






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






24. 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






25. 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






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






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






28. A social process that directs an economy






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






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






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






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






33. Brands that the manufacturer of the product owns






34. Costs involved in moving from one brand to another






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






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






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






38. A pricing tactic in which customers in different geographic zones pay different transportation rates






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






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






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






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






43. An integrated economic and social unit wit a large population nucleus






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






45. People born between 1946 and 1964






46. 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






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






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






49. When each family unit produces everything it consumes






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







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