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 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






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






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






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






5. An agreement between two brands to work together in marketing new or existing products






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






7. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






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






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






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






11. Costs involved in using a product






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






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






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






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






16. The relative importance of perceived consequences of the purchase to a consumer






17. A marketing mix is tailored to fit some specific target customers






18. Expensive goods that an organization uses in its daily operations that last for a long time






19. The psychological characteristics that consistently influence the way a person responds to situations in the environment






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






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






22. The marketing mix is distinct from and better than what is available from a competitor






23. A social process that directs an economy






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






25. The loss of sales of an existing product when a new item in a product line or product family is introduced






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






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






28. 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






29. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






30. A homogeneous group of customers who will respond to a marketing mix in a similiar way






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






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






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






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






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






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






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






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






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






40. An organizational unit that focuses on some product markets and is treated as a separate profit center






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






42. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






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






44. Brands that the manufacturer of the product owns






45. Products we purchase when we're in dire need






46. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






47. What is left after taxes






48. Products that consumers purchase to signal membership in a desirable social class






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






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