Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • 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. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales

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

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

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

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

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

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

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

9. A new product that does not reach expectations for success - failing to reach sales objectives set

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

11. 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

12. A homogeneous group of customers who will respond to a marketing mix in a similiar way

13. Combining two or more submarkets into one larger target market as a basis for one strategy

14. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item

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

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

17. Means that a firm has a marketing mix that the target market sees as better than a competitors mix

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

19. What is left of disposable income after paying for necessities

20. When each family unit produces everything it consumes

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

22. A situation in which an increase or a decrease in price will not significantly affect demand for the product

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

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

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

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

27. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item

28. Brands that the manufacturer of the product owns

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

30. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace

31. 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

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

33. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line

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

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

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

37. The psychological characteristics that consistently influence the way a person responds to situations in the environment

38. 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

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

40. A survey of customers regarding the types and quantities of products they intend to buy during a specific period

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

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

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

44. The practice of linking products to a particular social cause on an ongoing or short-term basis

45. A strategy of ducking under a competitor's price by a fixed percentage

46. 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

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

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

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

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