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 loss of sales of an existing product when a new item in a product line or product family is introduced






2. 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






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






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






5. Brands that the manufacturer of the product owns






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






7. A situation in which an increase or a decrease in price will not significantly affect demand for the product






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






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






10. 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






11. 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






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






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






14. Products that exhibit consistently high velocity sales in the consumer marketplace






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






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






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






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






19. 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






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






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






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






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






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






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






26. 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






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






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






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






30. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






32. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






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






34. A new product that copies with slight modification the design of an original product






35. A new product sold with the same brand name as a strong existing brand






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






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






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






39. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






40. When a percentage change in price results in a larger percentage change in the quantity demanded






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






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






44. A new product that does not reach expectations for success - failing to reach sales objectives set






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






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






47. 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






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






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






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