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. Discounts based on the total quantity bought within a specified time period






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






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






4. Moral standards that guide marketing decisions and actions






5. An organizational unit that focuses on some product markets and is treated as a separate profit center






6. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down






7. Pricing products to maximize sales or to attain a desired level of sales or market share






8. 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






9. 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






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






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






12. The process by which the use of a product spreads throughout the population






13. A price-setting method based on estimated of demand at different prices






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






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






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






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






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






19. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






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






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






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






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






24. 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






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






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






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






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






29. 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






30. A product people often buy on the spur of the moment






31. The value that customers give up - or exchange - to obtain a desired product






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






33. A totally new product that creates major changes in the way we live






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






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






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






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






38. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






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






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






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






42. When a percentage change in price results in a smaller percentage change in the quantity demanded






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






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






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






46. 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






47. Costs involved in using a product






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






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