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






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






3. Selling two or more goods or services as a single package for one price






4. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






5. A social process that directs an economy






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






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






8. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






9. 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






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






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






12. 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






13. The psychological characteristics that consistently influence the way a person responds to situations in the environment






14. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






16. 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






17. 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






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






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






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






21. 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






22. The overall feelings or attitude a person has about a product after purchasing it






23. Basic or necessary items that are available almost everywhere






24. The division of a market according to benefits that consumers want from the product






25. The practice of linking products to a particular social cause on an ongoing or short-term basis






26. A strategy of ducking under a competitor's price by a fixed percentage






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






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






29. 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






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






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






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






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






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






35. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






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






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






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






39. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






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






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






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






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






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






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






46. The last consumers to adopt the innovation






47. A relatively permanent change in behavior caused by acquired information or experience






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






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






50. 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