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

2. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer

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

4. Moral standards that guide marketing decisions and actions

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

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

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

8. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief

9. 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

10. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances

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

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

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

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

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

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

17. Sometimes called millenials - refer to those born from 1978-1994

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

19. 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

20. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase

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

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

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

24. 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

25. Combining two or more submarkets into one larger target market as a basis for one strategy

26. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions

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

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

29. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue

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

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

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

33. A totally new product that creates major changes in the way we live

34. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior

35. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category

36. Pricing products with a focus on a target level of profit growth or a desired net profit margin

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

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

39. Tangible products we can see - touch - smell - hear - taste

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

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

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

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

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

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

46. 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

47. Costs involved in using a product

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

49. Expensive goods that an organization uses in its daily operations that last for a long time

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