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 relatively permanent change in behavior caused by acquired information or experience






2. 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






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






4. A modification of an existing product that sets one brand apart from its competitors






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






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






7. 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






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






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






10. The regret or remorse buyers may feel after making a purchase






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






12. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






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






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






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






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






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






18. People born between 1946 and 1964






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






20. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






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






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






23. 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






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






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






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






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






28. An organizational unit that focuses on some product markets and is treated as a separate profit center






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






30. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






32. A brand that a group of individual products or individual brands share






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






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






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






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






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






38. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






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






40. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






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






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






43. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






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






45. People over 65






46. 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






47. 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






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






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






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