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






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






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






4. People over 65






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






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






7. The last consumers to adopt the innovation






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






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






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






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






12. Moral standards that guide marketing decisions and actions






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






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






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






16. To try to increase the size of their target markets by combining two or more segments






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






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






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






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






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






22. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






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






24. A strategy of ducking under a competitor's price by a fixed percentage






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






26. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner






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






28. A means of characterizing consumers based on the different family stages they pass through as they grow older






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






30. 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






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






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






33. 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






34. A pricing tactic in which the seller absorbs the total cost of transportation






35. 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






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






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






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






39. The process by which organization adjust their offering in an attempt to match demand






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






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






42. 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






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






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






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






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






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






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






49. A social process that directs an economy






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