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






2. 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






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






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






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






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






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






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






9. Moral standards that guide marketing decisions and actions






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






27. 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






28. A social process that directs an economy






29. People born between 1946 and 1964






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






31. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down






32. A pricing tactic of charging reduced prices for larger quantities of product






33. A new product that does not reach expectations for success - failing to reach sales objectives set






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






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






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






37. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






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






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






41. When each family unit produces everything it consumes






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






43. Pricing a new product low for a limited period of time to lower the risk for a customer






44. Products created when firms transform raw materials from their original state






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






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






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






48. The final stage in the product life cycle - in which sales decrease as customer needs change






49. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






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