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






2. A strategy of experimenting with prices until the price that generates the highest profitability is found






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






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






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






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






7. 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






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






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






10. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






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






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






13. The seller fine tunes the marketing effort with info from a detailed customer database






14. A pricing strategy that considers the lifetime cost of using the product






15. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






16. Products that exhibit consistently high velocity sales in the consumer marketplace






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






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






19. A new product that copies with slight modification the design of an original product






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






21. 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






22. Pricing products to maximize sales or to attain a desired level of sales or market share






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






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






25. Costs involved in moving from one brand to another






26. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






27. 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






28. 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






29. The difference between the cost of the product and the selling price of the product






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






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






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






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






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






35. Products created when firms transform raw materials from their original state






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






37. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






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






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






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






42. 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






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






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






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






46. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






47. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






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






49. 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






50. 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