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. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






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






3. 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






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






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






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






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






8. Discounts based on the total quantity bought within a specified time period






9. 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






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






11. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






12. 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






13. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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






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






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






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






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






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






20. 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






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






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






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






24. 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






25. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






26. 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






27. The last consumers to adopt the innovation






28. People over 65






29. Costs involved in moving from one brand to another






30. When a percentage change in price results in a larger percentage change in the quantity demanded






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






32. Those that actually affect the customers purchase of specific product or brand in a product market






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






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






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






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






37. 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






38. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






39. A new product that does not reach expectations for success - failing to reach sales objectives set






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






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






42. A modification of an existing product that sets one brand apart from its competitors






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






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






45. 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






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






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






48. Basic or necessary items that are available almost everywhere






49. 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






50. An internal state that drives us to satisfy needs by activating goal-oriented behavior