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 process of eliminating interaction between customers and service providers






2. A social process that directs an economy






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






4. A fairly homogeneous group of customers to whom a company wishes to appeal






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






6. The last consumers to adopt the innovation






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






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






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






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






11. 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






12. The percentage change in unit sales that results from a percentage change in price






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






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






15. 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






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






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






18. Communicating with large numbers of customers at the same time






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






20. 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






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






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






23. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






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






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






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






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






28. The collaboration of two or more firms in setting prices - usually to keep prices high






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






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






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






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






33. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






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






35. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






36. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






37. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






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






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






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






41. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






42. The relative importance of perceived consequences of the purchase to a consumer






43. Sometimes called millenials - refer to those born from 1978-1994






44. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






45. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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






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






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






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






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