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






2. The overall feelings or attitude a person has about a product after purchasing it






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






4. The last consumers to adopt the innovation






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






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






7. Pricing products to maximize sales or to attain a desired level of sales or market share






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






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






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






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






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






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






14. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






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






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






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






18. The process by which the use of a product spreads throughout the population






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






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






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






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






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






24. 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






25. Extent to which a firm fulfills a customers needs - desires - and expectations






26. 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






27. 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






28. The collaboration of two or more firms in setting prices - usually to keep prices high






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






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






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






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






33. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






34. A change in an existing product that requires a moderate amount of learning or behavior change






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






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






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






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






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






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






41. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






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






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






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






45. The value of a brand to an organization






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






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






48. Relevant to including a customer type in a product market






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






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