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. Costs involved in using a product






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






3. The practice of linking products to a particular social cause on an ongoing or short-term basis






4. 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






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






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






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






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






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






10. A social process that directs an economy






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






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






13. 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






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






15. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






16. The process by which people select - organize - and interpret information form the outside world






17. Number of babies born per 1000 people fluctuated greatly in last 65 years






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






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






20. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






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






22. Sometimes called millenials - refer to those born from 1978-1994






23. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






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






25. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






26. Costs involved in moving from one brand to another






27. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






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






29. People born between 1946 and 1964






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






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






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






33. Products created when firms transform raw materials from their original state






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






35. 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






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






37. 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






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






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






40. Basic or necessary items that are available almost everywhere






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






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






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






44. An aggregating process - clustering people with similar needs into a "market segment"






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






46. The pricing strategy of setting prices below cost to attract customers into a store






47. Aim at one or more homogeneous segments and try to develop different marketing mix for each






48. 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






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






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