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






2. The last consumers to adopt the innovation






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






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






5. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






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






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






8. People over 65






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






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






11. Charging a very high - premium price for a new product






12. All the benefits the product will provide for consumers or business customers






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






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






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






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






17. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






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






19. The price the end customer is expected to pay as determined by the manufacturer






20. A product that consumers perceive to be new and different form existing products






21. What is left after taxes






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






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






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






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






26. The process by which organization adjust their offering in an attempt to match demand






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






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






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






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






31. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






32. 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






33. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






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






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






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






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






38. The seller fine tunes the marketing effort with info from a detailed customer database






39. 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






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






41. 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






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






43. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






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






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






46. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






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






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






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