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






2. 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






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






4. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner






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






6. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






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






8. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






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






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






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






12. 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






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






14. Costs involved in moving from one brand to another






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






16. 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






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






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






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






20. To try to increase the size of their target markets by combining two or more segments






21. The last consumers to adopt the innovation






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






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






24. A means of measuring a website's success by tracking customers' movement around the company website






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






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






27. Relevant to including a customer type in a product market






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






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






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






31. The regret or remorse buyers may feel after making a purchase






32. 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






33. Selling two or more goods or services as a single package for one price






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






35. 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






36. Moral standards that guide marketing decisions and actions






37. 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






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






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






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






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






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






43. Tangible products we can see - touch - smell - hear - taste






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






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






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






47. The practice of setting a limited number of different specific prices - called price points - for items in a product line






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






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






50. Number of babies born per 1000 people fluctuated greatly in last 65 years