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. Those who adopt an innovation early in the diffusion process but later than the innovators






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






3. 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






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






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






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






7. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






8. An integrated economic and social unit wit a large population nucleus






9. 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






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






11. The regret or remorse buyers may feel after making a purchase






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






13. A strategy where prices are set significantly higher than competing brands






14. 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






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






16. 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






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






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






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






20. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






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






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






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






24. Costs involved in moving from one brand to another






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






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






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






28. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






29. When each family unit produces everything it consumes






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






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






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






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






34. 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






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






36. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






37. 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






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






39. 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






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






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






42. A modification of an existing product that sets one brand apart from its competitors






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






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






45. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






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






47. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






48. 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






49. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






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