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 flexible pricing strategy that reflects what individual customers are willing to pay






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






3. 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






4. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






5. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






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






7. Tohose whose adoption to a new product signals a general acceptance of the innovation






8. People born between 1946 and 1964






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






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






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






12. 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






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






14. Sales forecasting based on the intuition of one or more executives






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






16. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






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






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






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






20. A means of measuring a website's success by tracking customers' movement around the company website






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






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






23. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






24. The values - beliefs - customs - and tastes that a group of people value






25. People over 65






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






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






28. 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






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






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






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






32. 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






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






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






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






36. 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






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






38. When each family unit produces everything it consumes






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






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






41. The value of something that is given up to obtain something else






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






43. Learning that occurs as the result of rewards of punishments






44. The practice of setting a limited number of different specific prices - called price points - for items in a product line






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






46. A means of characterizing consumers based on the different family stages they pass through as they grow older






47. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






49. A change in beliefs or actions as a reaction to real or imagined group pressure






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






Can you answer 50 questions in 15 minutes?



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