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






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






3. The actual interaction between the customer and the service provider






4. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






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






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






7. Products that exhibit consistently high velocity sales in the consumer marketplace






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






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






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






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






12. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






13. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






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






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






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






17. When a percentage change in price results in a larger percentage change in the quantity demanded






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






19. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






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






21. Income that is adjusted to take out the effects of inflation on purchasing power






22. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






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






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






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






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






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






28. Costs involved in moving from one brand to another






29. A pricing tactic in which the seller absorbs the total cost of transportation






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






31. 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






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






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






34. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






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






36. 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






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






38. 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






39. The strategy of selling products at unreasonably low prices to drive competitors out of business






40. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






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






42. An internal state that drives us to satisfy needs by activating goal-oriented behavior






43. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






44. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






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






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






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






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






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






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