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. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






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






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






4. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






5. 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






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






7. People born between 1946 and 1964






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






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






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






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






12. A strategy of experimenting with prices until the price that generates the highest profitability is found






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






14. 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






15. Discounts based on the total quantity bought within a specified time period






16. 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






17. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down






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






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






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






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






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






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






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






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






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






27. When each family unit produces everything it consumes






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






29. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






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






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






32. Costs involved in moving from one brand to another






33. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






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






35. Tohose whose adoption to a new product signals a general acceptance of the innovation






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






37. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






38. 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






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






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






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






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






43. A fairly homogeneous group of customers to whom a company wishes to appeal






44. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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






46. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






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






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






49. Aim at one or more homogeneous segments and try to develop different marketing mix for each






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