Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • 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. 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

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

3. 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

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

5. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category

6. Costs involved in using a product

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

8. Basic or necessary items that are available almost everywhere

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

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

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

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

13. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes

14. Costs of production that do not change with the number of units produced

15. 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

16. Aim at one or more homogeneous segments and try to develop different marketing mix for each

17. A price-setting method based on estimated of demand at different prices

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

19. A marketing mix is tailored to fit some specific target customers

20. The practice of exchanging a good or service for another good or service of like value

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

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

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

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

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

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

27. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.

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

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

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

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

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

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

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

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

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

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

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

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

40. The actual interaction between the customer and the service provider

41. Goods that a business customer consumes in a relatively short time

42. A strategy where prices are set significantly higher than competing brands

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

44. An arrangement unique to business marketing in which two organizations agree to buy from each other

45. Sales forecasting based on the intuition of one or more executives

46. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures

47. 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

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

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

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