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






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






3. A social process that directs an economy






4. Products that exhibit consistently high velocity sales in the consumer marketplace






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






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






7. A new product that copies with slight modification the design of an original product






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






9. Products that consumers purchase to signal membership in a desirable social class






10. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






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






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






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






14. 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






15. A flexible pricing strategy that reflects what individual customers are willing to pay






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






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






18. 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






19. Group of people within an organization who focus exclusively on the development of a new product






20. A firm's total product offering designed to satisfy a single need or desire of target customers






21. The difference between the cost of the product and the selling price of the product






22. The process by which organization adjust their offering in an attempt to match demand






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






24. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






26. When a percentage change in price results in a smaller percentage change in the quantity demanded






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






28. Pricing that is intended to have an effect on the marketing efforts of the competition






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






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






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






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






33. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






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






35. A mental rule of thumb that leads to a speedy decision by simplifying the process






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






37. People born between 1946 and 1964






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






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






40. Learning that occurs as the result of rewards of punishments






41. The last consumers to adopt the innovation






42. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






44. 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






45. 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






46. 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






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






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






49. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






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