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. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






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






3. The last consumers to adopt the innovation






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






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






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






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






8. People whose children are grown and who are now able to spend their money in other ways






9. 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






10. 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






11. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






12. 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






13. Brands that the manufacturer of the product owns






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






15. The marketing mix is distinct from and better than what is available from a competitor






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






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






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






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






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






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






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






23. Brands that are owned and sold by a specific - retailer or distributor






24. 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






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






26. A strategy of ducking under a competitor's price by a fixed percentage






27. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






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






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






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






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






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






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






34. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






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






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






37. Moral standards that guide marketing decisions and actions






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






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






40. Income that is adjusted to take out the effects of inflation on purchasing power






41. A fairly homogeneous group of customers to whom a company wishes to appeal






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






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






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






45. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






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






47. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






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






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






50. An aggregating process - clustering people with similar needs into a "market segment"