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






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






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






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






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






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






7. The value that customers give up - or exchange - to obtain a desired product






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






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






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






11. Charging a very high - premium price for a new product






12. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






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






14. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






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






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






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






18. A strategy where prices are set significantly higher than competing brands






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






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






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






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






23. Number of babies born per 1000 people fluctuated greatly in last 65 years






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






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






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






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






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






29. 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






30. 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






31. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






33. 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






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






35. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






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






37. 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






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






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






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






41. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses






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






43. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






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






45. Pricing that is intended to have an effect on the marketing efforts of the competition






46. When each family unit produces everything it consumes






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






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






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






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