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






2. 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






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






4. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






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






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






7. Brands that the manufacturer of the product owns






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






9. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






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






11. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






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






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






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






15. 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






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






17. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






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






19. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






20. 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






21. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






22. 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






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






24. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






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






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






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






28. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






29. Moral standards that guide marketing decisions and actions






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






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






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






33. When a percentage change in price results in a smaller percentage change in the quantity demanded






34. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






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






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






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






38. E-commerce that allows shoppers to purchase products through online bidding






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






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






41. 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






42. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






44. An arrangement unique to business marketing in which two organizations agree to buy from each other






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






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






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






48. A brand that a group of individual products or individual brands share






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






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