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. 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






2. The physical good or the delivered service that supplies the desired benefit






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






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






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






6. The last consumers to adopt the innovation






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






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






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






11. A modification of an existing product that sets one brand apart from its competitors






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






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






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






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






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






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






18. A pricing strategy that considers the lifetime cost of using the product






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






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






21. 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






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






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






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






25. People born between 1946 and 1964






26. When each family unit produces everything it consumes






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






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






29. 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






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






31. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner






32. A product people often buy on the spur of the moment






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






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






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






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






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






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






39. 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






40. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






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






42. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






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






44. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






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






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






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






48. 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






49. The value that customers give up - or exchange - to obtain a desired product






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