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 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






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






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






4. 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






5. The set of alternative brands the consumer is considering for the decision process






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






7. 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






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






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






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






11. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






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






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






14. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






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






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






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






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






19. The first segment (2.5%) of a population to adopt a new product






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






21. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






22. 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






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






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






25. People over 65






26. 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






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






28. What is left after taxes






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






30. 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






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






32. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






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






34. 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






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






36. 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






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






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






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






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






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






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






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






44. The regret or remorse buyers may feel after making a purchase






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






46. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner






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






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






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






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