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. 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






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






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






4. The overall feelings or attitude a person has about a product after purchasing it






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






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






7. When each family unit produces everything it consumes






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






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






10. A product people often buy on the spur of the moment






11. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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






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






14. 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






15. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






16. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






17. Goods that a business customer consumes in a relatively short time






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






19. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






20. The final stage in the product life cycle - in which sales decrease as customer needs change






21. 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






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






23. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






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






26. The value of something that is given up to obtain something else






27. 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






28. 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






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






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






31. The values - beliefs - customs - and tastes that a group of people value






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






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






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






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






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






37. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






38. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






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






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






41. 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






42. 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






43. Costs involved in using a product






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






45. To try to find similar patterns within sets of data






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






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






48. What is left of disposable income after paying for necessities






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






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