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. 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






2. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






3. Moral standards that guide marketing decisions and actions






4. A pricing tactic of charging reduced prices for larger quantities of product






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






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






7. The dimensions that consumers use to compare completing product alternatives






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






9. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






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






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






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






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






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






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






16. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






18. 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






19. 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






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






21. 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






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






23. 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






24. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






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






26. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






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






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






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






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






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






32. A totally new product that creates major changes in the way we live






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






34. Brands that are owned and sold by a specific - retailer or distributor






35. The last consumers to adopt the innovation






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






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






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






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






40. A social process that directs an economy






41. 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






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






43. Pricing a new product low for a limited period of time to lower the risk for a customer






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






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






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






47. 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






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






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






50. People born between 1946 and 1964