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 difference between the cost of the product and the selling price of the product






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






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






4. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






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






6. 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






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






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






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






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






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






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






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






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






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






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






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






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






19. Refers to the generation born immediately following the baby boom - from 1965-1977






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






21. To try to increase the size of their target markets by combining two or more segments






22. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






23. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






24. A pricing tactic of charging reduced prices for larger quantities of product






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






26. Sales forecasting based on the intuition of one or more executives






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






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






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






30. People born between 1946 and 1964






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






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






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






34. The marketing mix is distinct from and better than what is available from a competitor






35. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






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






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






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






39. A pricing strategy that considers the lifetime cost of using the product






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






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






42. An internal state that drives us to satisfy needs by activating goal-oriented behavior






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






44. 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






45. 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






46. The last consumers to adopt the innovation






47. The practice of exchanging a good or service for another good or service of like value






48. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






49. A pricing tactic in which the seller absorbs the total cost of transportation






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






Can you answer 50 questions in 15 minutes?



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