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






2. When each family unit produces everything it consumes






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






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






5. 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






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






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






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






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






10. A strategy of ducking under a competitor's price by a fixed percentage






11. 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






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






13. Basic or necessary items that are available almost everywhere






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






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






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. A strategy of frequently using sale prices to increase sales volume






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






19. Relevant to including a customer type in a product market






20. People whose children are grown and who are now able to spend their money in other ways






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






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






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






24. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






25. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






26. 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






27. To try to find similar patterns within sets of data






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






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






30. A pricing tactic in which customers in different geographic zones pay different transportation rates






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






32. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






33. The dimensions that consumers use to compare completing product alternatives






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






35. A social process that directs an economy






36. Pricing intended to establish a desired image or positioning to prospective customers






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






38. 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






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






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






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






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






43. 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






44. 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






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






46. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






47. A manager who is responsible for developing and implementing the marketing plan for a single brand






48. Pricing that is intended to maximize customer satisfaction and retention






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






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