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






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






3. Costs involved in using a product






4. 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






5. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






6. A flexible pricing strategy that reflects what individual customers are willing to pay






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






8. 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






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






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






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






12. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






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






14. 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






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






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






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






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






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






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






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






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






23. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






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






25. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






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






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






29. Combining two or more submarkets into one larger target market as a basis for one strategy






30. Basic or necessary items that are available almost everywhere






31. The belief that use of a product has potentially negative consequences - either financial - physical or social






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






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






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






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






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






37. A price-setting method based on estimated of demand at different prices






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






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






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






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






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






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






44. A social process that directs an economy






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






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






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






48. The price the end customer is expected to pay as determined by the manufacturer






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






50. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences