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. Sometimes called millenials - refer to those born from 1978-1994






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






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






4. 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






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






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






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






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






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






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






11. A price-setting method based on estimated of demand at different prices






12. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






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






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






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






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






17. The collaboration of two or more firms in setting prices - usually to keep prices high






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






19. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






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






21. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






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






23. Those who adopt an innovation early in the diffusion process but later than the innovators






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






25. The values - beliefs - customs - and tastes that a group of people value






26. The last consumers to adopt the innovation






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






28. 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






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






30. Brands that the manufacturer of the product owns






31. 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






32. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






33. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






34. A brand that a group of individual products or individual brands share






35. 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






36. Pricing a new product low for a limited period of time to lower the risk for a customer






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






38. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






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






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






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






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






43. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






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






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






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






48. Costs involved in using a product






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






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