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. When a percentage change in price results in a smaller percentage change in the quantity demanded






2. Basic or necessary items that are available almost everywhere






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






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






5. Moral standards that guide marketing decisions and actions






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






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






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






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






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






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






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






13. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






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






15. 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






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






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






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






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






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






21. A price-setting method based on estimated of demand at different prices






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






23. People over 65






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






25. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






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






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






28. Group of people within an organization who focus exclusively on the development of a new product






29. 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






30. 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






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






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






33. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






34. Sales forecasting based on the intuition of one or more executives






35. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






37. Pricing a new product low for a limited period of time to lower the risk for a customer






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






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






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






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






42. 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






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






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






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






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






47. Charging a very high - premium price for a new product






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






49. What is left after taxes






50. 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