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 relatively permanent change in behavior caused by acquired information or experience






2. A pricing tactic in which the seller absorbs the total cost of transportation






3. The percentage change in unit sales that results from a percentage change in price






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






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






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






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






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






9. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






10. 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






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






12. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






13. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






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






15. Brands that the manufacturer of the product owns






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






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






18. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm






19. Learning that occurs as the result of rewards of punishments






20. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






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






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






23. 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






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






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






26. Moral standards that guide marketing decisions and actions






27. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






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






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






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






31. A homogeneous group of customers who will respond to a marketing mix in a similiar way






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






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






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






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






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






37. A firm's total product offering designed to satisfy a single need or desire of target customers






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






39. 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






40. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






41. A strategy of frequently using sale prices to increase sales volume






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






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






44. 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






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






46. The last consumers to adopt the innovation






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






48. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






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






50. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price