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






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






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






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






5. Moral standards that guide marketing decisions and actions






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






7. The loss of sales of an existing product when a new item in a product line or product family is introduced






8. A pricing tactic of charging reduced prices for larger quantities of product






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






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






11. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






12. Theories of learning that focus on how consumer behavior is changed by external events or stimuli






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






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






15. 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






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






17. A totally new product that creates major changes in the way we live






18. 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






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






20. 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






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






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






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






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






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






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






27. 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






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






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






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






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






32. People over 65






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






34. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






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






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






37. An arrangement unique to business marketing in which two organizations agree to buy from each other






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






39. A pricing tactic in which customers in different geographic zones pay different transportation rates






40. What is left after taxes






41. Pricing products to maximize sales or to attain a desired level of sales or market share






42. Discounts based only on the quantity purchased in individual orders






43. 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






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






45. A product that consumers perceive to be new and different form existing products






46. 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






47. The overall feelings or attitude a person has about a product after purchasing it






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






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






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