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. 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






2. Pricing a new product low for a limited period of time to lower the risk for a customer






3. The pricing strategy of setting prices below cost to attract customers into a store






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






5. A social process that directs an economy






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






7. Pricing intended to establish a desired image or positioning to prospective customers






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






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






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






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






12. 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






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






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






15. Income that is adjusted to take out the effects of inflation on purchasing power






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






17. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






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






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






20. A pricing strategy that considers the lifetime cost of using the product






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






22. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






23. Charging a very high - premium price for a new product






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






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






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






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






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






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






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






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






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






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






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






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






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






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






38. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






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






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






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






42. 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






43. A strategy of experimenting with prices until the price that generates the highest profitability is found






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






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






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






47. Costs involved in using a product






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






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






50. The practice of setting a limited number of different specific prices - called price points - for items in a product line