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






2. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






3. Costs involved in using a product






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






5. Refers to the generation born immediately following the baby boom - from 1965-1977






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






7. People over 65






8. 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






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






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






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






12. Discounts based on the total quantity bought within a specified time period






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






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






15. 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






16. 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






17. 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






18. The last consumers to adopt the innovation






19. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down






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






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






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






23. A fairly homogeneous group of customers to whom a company wishes to appeal






24. A homogeneous group of customers who will respond to a marketing mix in a similiar way






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






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






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






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






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






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






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






32. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






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






34. 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






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






36. 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






37. The seller fine tunes the marketing effort with info from a detailed customer database






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






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






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






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






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






43. Expensive goods that an organization uses in its daily operations that last for a long time






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






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






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






47. 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






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






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






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