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






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






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






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






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






6. 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






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






8. People over 65






9. Pricing that is intended to maximize customer satisfaction and retention






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






11. 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






12. Basic or necessary items that are available almost everywhere






13. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






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






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






16. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






17. The last consumers to adopt the innovation






18. 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






19. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






20. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






21. Number of babies born per 1000 people fluctuated greatly in last 65 years






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






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






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






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






26. 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






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






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






29. A mental rule of thumb that leads to a speedy decision by simplifying the process






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






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






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






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






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






35. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






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






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






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






39. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






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






41. Costs involved in moving from one brand to another






42. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






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






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






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






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






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






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






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






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