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






2. Those that actually affect the customers purchase of specific product or brand in a product market






3. A means of measuring a website's success by tracking customers' movement around the company website






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






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






6. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






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






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






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






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






11. 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






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






13. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






14. A new product that copies with slight modification the design of an original product






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






16. 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






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






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






19. A strategy of frequently using sale prices to increase sales volume






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






21. 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






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






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






24. The process of eliminating interaction between customers and service providers






25. The actual interaction between the customer and the service provider






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






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






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






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






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






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






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






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






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






35. A pricing tactic in which customers in different geographic zones pay different transportation rates






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






37. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






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






39. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






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






41. 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






42. Basic or necessary items that are available almost everywhere






43. 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






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






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






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






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






48. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






49. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






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







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