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 larger percentage change in the quantity demanded






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






3. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






4. 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






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






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






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






8. Products created when firms transform raw materials from their original state






9. Segmenting the market and picking one of the homogeneous segments as the firms target market






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






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






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






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






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






15. The process of eliminating interaction between customers and service providers






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






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






18. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






19. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






21. 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






22. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






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






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






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






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






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






28. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






29. 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






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






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






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






33. An integrated economic and social unit wit a large population nucleus






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






35. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






36. 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






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






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






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






40. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






41. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






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






43. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






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






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






46. 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






47. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






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






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






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