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






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






3. The last consumers to adopt the innovation






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






5. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






6. Products that exhibit consistently high velocity sales in the consumer marketplace






7. 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






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






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






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






11. The price the end customer is expected to pay as determined by the manufacturer






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






13. People born between 1946 and 1964






14. The value of a brand to an organization






15. Costs of production that do not change with the number of units produced






16. Moral standards that guide marketing decisions and actions






17. Refers to the generation born immediately following the baby boom - from 1965-1977






18. Goods that a business customer consumes in a relatively short time






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






20. A change in beliefs or actions as a reaction to real or imagined group pressure






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






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






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






24. 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






25. Pricing that is intended to maximize customer satisfaction and retention






26. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






27. An organizational unit that focuses on some product markets and is treated as a separate profit center






28. People over 65






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






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






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






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






33. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






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






35. 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






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






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






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






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






40. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






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






42. Brands that the manufacturer of the product owns






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






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






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






46. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






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






49. A product people often buy on the spur of the moment






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