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 percentage change in unit sales that results from a percentage change in price






2. An internal state that drives us to satisfy needs by activating goal-oriented behavior






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






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






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






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






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






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






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






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






11. What is left after taxes






12. The seller fine tunes the marketing effort with info from a detailed customer database






13. 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






14. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






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






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






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






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






19. Costs of production that do not change with the number of units produced






20. The value of something that is given up to obtain something else






21. 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






22. 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






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






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






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






26. The last consumers to adopt the innovation






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






28. Theories of learning that focus on how consumer behavior is changed by external events or stimuli






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






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






31. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






32. Expensive goods that an organization uses in its daily operations that last for a long time






33. Products that exhibit consistently high velocity sales in the consumer marketplace






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






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






36. A strategy of ducking under a competitor's price by a fixed percentage






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






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






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






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






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






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






43. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






44. Those who adopt an innovation early in the diffusion process but later than the innovators






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






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






47. 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






48. People over 65






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






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