Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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. To try to find similar patterns within sets of data

2. 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

3. 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

4. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time

5. Communicating with large numbers of customers at the same time

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

7. Means that a firm has a marketing mix that the target market sees as better than a competitors mix

8. The collaboration of two or more firms in setting prices - usually to keep prices high

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

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

11. 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

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

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

14. Moral standards that guide marketing decisions and actions

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

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

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

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

19. The seller fine tunes the marketing effort with info from a detailed customer database

20. 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

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

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

23. 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

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

25. Brands that the manufacturer of the product owns

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

27. People born between 1946 and 1964

28. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.

29. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same

30. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information

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

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

33. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli

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

35. 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

36. The values - beliefs - customs - and tastes that a group of people value

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

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

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

40. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top

41. Discounts based only on the quantity purchased in individual orders

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

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

44. The price the end customer is expected to pay as determined by the manufacturer

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

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

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

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

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

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