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. 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






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






4. 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






5. 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






6. The physical good or the delivered service that supplies the desired benefit






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






8. The belief that use of a product has potentially negative consequences - either financial - physical or social






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






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






11. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






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






13. The value of a brand to an organization






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






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






16. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






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






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






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






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






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






22. A means of measuring a website's success by tracking customers' movement around the company website






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






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






25. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






26. 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






27. The value of something that is given up to obtain something else






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






29. 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






30. Brands that the manufacturer of the product owns






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






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






33. All the benefits the product will provide for consumers or business customers






34. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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






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






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






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






39. The relative importance of perceived consequences of the purchase to a consumer






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






41. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






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






43. The process by which people select - organize - and interpret information form the outside world






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






45. A new product that does not reach expectations for success - failing to reach sales objectives set






46. Segmenting the market and picking one of the homogeneous segments as the firms target market






47. People born between 1946 and 1964






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






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






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