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 first segment (2.5%) of a population to adopt a new product






2. 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






3. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






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






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






6. 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






7. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






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






9. 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






10. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






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






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






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






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






15. The actual interaction between the customer and the service provider






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






17. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






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






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






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






21. The value of a brand to an organization






22. 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






23. Products that consumers purchase to signal membership in a desirable social class






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






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






26. Basic or necessary items that are available almost everywhere






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






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






29. 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






30. 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






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






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






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






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






35. 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






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






37. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






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






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






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






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






42. A mental rule of thumb that leads to a speedy decision by simplifying the process






43. A strategy of experimenting with prices until the price that generates the highest profitability is found






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






45. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






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






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






48. Extent to which a firm fulfills a customers needs - desires - and expectations






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






50. Communicating with large numbers of customers at the same time