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 individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






2. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






3. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






4. 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






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






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






7. 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






8. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






9. Costs involved in moving from one brand to another






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






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






12. Pricing that is intended to maximize customer satisfaction and retention






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






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






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






16. 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






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






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






19. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






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






21. 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






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






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






24. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






25. A change in beliefs or actions as a reaction to real or imagined group pressure






26. Refers to the generation born immediately following the baby boom - from 1965-1977






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






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






29. Learning that occurs as the result of rewards of punishments






30. A totally new product that creates major changes in the way we live






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






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






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






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






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






36. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






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






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






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






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






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






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






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






44. 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






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






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






47. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






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






49. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






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