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. Theories of learning that focus on how consumer behavior is changed by external events or stimuli






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






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






4. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






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






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






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






8. A new product sold with the same brand name as a strong existing brand






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






10. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






11. People over 65






12. The process of eliminating interaction between customers and service providers






13. Costs involved in moving from one brand to another






14. Moral standards that guide marketing decisions and actions






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






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






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






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






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






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






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






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






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






24. 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






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






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






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






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






29. A change in beliefs or actions as a reaction to real or imagined group pressure






30. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






31. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






32. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






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






34. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






35. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






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






37. The last consumers to adopt the innovation






38. 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






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






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






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






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






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






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






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






46. 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






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






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






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






50. The overall feelings or attitude a person has about a product after purchasing it