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






2. The last consumers to adopt the innovation






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






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






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






6. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






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






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






9. 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






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






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






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






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






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






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






16. Costs involved in using a product






17. The process by which people select - organize - and interpret information form the outside world






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






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






20. A social process that directs an economy






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






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






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






24. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






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






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






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






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






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






30. 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






31. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






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






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






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






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






37. 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






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






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






40. The value of a brand to an organization






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






42. Group of people within an organization who focus exclusively on the development of a new product






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






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






45. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






46. A means of characterizing consumers based on the different family stages they pass through as they grow older






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






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






49. When each family unit produces everything it consumes






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