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 last consumers to adopt the innovation






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






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






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






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






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






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






8. People born between 1946 and 1964






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






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






11. Selling two or more goods or services as a single package for one price






12. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






13. The percentage change in unit sales that results from a percentage change in price






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






15. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






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






18. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






20. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






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






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






23. To try to find similar patterns within sets of data






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






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






26. 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






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






28. The set of alternative brands the consumer is considering for the decision process






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






30. A new product that copies with slight modification the design of an original product






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






32. Brands that are owned and sold by a specific - retailer or distributor






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






34. 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






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






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






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






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






39. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






41. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






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






43. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






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






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






46. What is left after taxes






47. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






48. Brands that the manufacturer of the product owns






49. The division of a market according to benefits that consumers want from the product






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