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. All the benefits the product will provide for consumers or business customers






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






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






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






5. The physical good or the delivered service that supplies the desired benefit






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






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






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






9. Costs involved in moving from one brand to another






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






11. 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






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






13. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






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






15. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






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






17. A social process that directs an economy






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






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






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






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






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






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






24. To try to find similar patterns within sets of data






25. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






26. E-commerce that allows shoppers to purchase products through online bidding






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






28. 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






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






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






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






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






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






34. To try to increase the size of their target markets by combining two or more segments






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






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






37. 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






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






39. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






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






41. Brands that the manufacturer of the product owns






42. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






43. People over 65






44. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






45. The practice of setting a limited number of different specific prices - called price points - for items in a product line






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






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






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






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






50. 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







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