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 difference between the cost of the product and the selling price of the product






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






3. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






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






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






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






7. 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






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






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






10. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






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






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






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






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






15. 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






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






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






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






19. An integrated economic and social unit wit a large population nucleus






20. Discounts based only on the quantity purchased in individual orders






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






22. 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






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






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






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






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






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






28. What is left after taxes






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






30. Theories of learning that focus on how consumer behavior is changed by external events or stimuli






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






32. The belief that use of a product has potentially negative consequences - either financial - physical or social






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






34. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






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






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






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






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






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






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






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






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






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






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






46. Aim at one or more homogeneous segments and try to develop different marketing mix for each






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






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






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






50. Brands that are owned and sold by a specific - retailer or distributor