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 strategy where prices are set significantly higher than competing brands






2. Group of people within an organization who focus exclusively on the development of a new product






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






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






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






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






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






8. 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






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






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






11. A relatively permanent change in behavior caused by acquired information or experience






12. Learning that occurs as the result of rewards of punishments






13. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






14. The psychological characteristics that consistently influence the way a person responds to situations in the environment






15. 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






16. 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






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






18. An integrated economic and social unit wit a large population nucleus






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






20. A manager who is responsible for developing and implementing the marketing plan for a single brand






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






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






23. Costs involved in using a product






24. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






25. 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






26. 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






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






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






29. Brands that the manufacturer of the product owns






30. Sometimes called millenials - refer to those born from 1978-1994






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






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






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






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






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






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






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






38. Products we purchase when we're in dire need






39. People born between 1946 and 1964






40. 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






41. Costs involved in moving from one brand to another






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






43. The relative importance of perceived consequences of the purchase to a consumer






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






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






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






47. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition






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






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






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







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