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






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






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






4. A social process that directs an economy






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






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






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






8. Extent to which a firm fulfills a customers needs - desires - and expectations






9. People born between 1946 and 1964






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






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






12. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






13. 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






14. When each family unit produces everything it consumes






15. 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






16. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






17. Those that actually affect the customers purchase of specific product or brand in a product market






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






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






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






21. The percentage change in unit sales that results from a percentage change in price






22. The strategy of selling products at unreasonably low prices to drive competitors out of business






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






24. What is left after taxes






25. People over 65






26. A product that consumers perceive to be new and different form existing products






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






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






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






30. Costs involved in using a product






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






32. The actual interaction between the customer and the service provider






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






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






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






36. A strategy of experimenting with prices until the price that generates the highest profitability is found






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






38. 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






39. Costs involved in moving from one brand to another






40. Moral standards that guide marketing decisions and actions






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






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






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






44. Pricing a new product low for a limited period of time to lower the risk for a customer






45. E-commerce that allows shoppers to purchase products through online bidding






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






47. When a percentage change in price results in a larger percentage change in the quantity demanded






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






49. A marketing mix is tailored to fit some specific target customers






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






Can you answer 50 questions in 15 minutes?



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