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 physical good or the delivered service that supplies the desired benefit






2. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm






3. 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






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






5. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






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






7. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






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






10. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






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






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






13. 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






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






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






16. Pricing intended to establish a desired image or positioning to prospective customers






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






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






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






20. Learning that occurs as the result of rewards of punishments






21. Tangible products we can see - touch - smell - hear - taste






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






23. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






25. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






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






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






28. What is left after taxes






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






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






31. A change in beliefs or actions as a reaction to real or imagined group pressure






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






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






34. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






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






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






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






38. 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






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






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






41. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition






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






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






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






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






46. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






47. A strategy where prices are set significantly higher than competing brands






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






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






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