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.
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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 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

2. The last consumers to adopt the innovation

3. A strategy where prices are set significantly higher than competing brands

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

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

6. 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

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

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

10. Discounts based only on the quantity purchased in individual orders

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

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

13. When each family unit produces everything it consumes

14. 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

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

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

17. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location

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

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

20. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs

21. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time

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

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

24. 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

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

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

27. A change in beliefs or actions as a reaction to real or imagined group pressure

28. 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

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

30. The dimensions that consumers use to compare completing product alternatives

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

32. A homogeneous group of customers who will respond to a marketing mix in a similiar way

33. Means that a firm has a marketing mix that the target market sees as better than a competitors mix

34. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses

35. Costs of production that do not change with the number of units produced

36. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item

37. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri

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

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

40. Manufactured goods or subassemblies of finished items that organizations need to complete their own product

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

42. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention

43. A strategy of frequently using sale prices to increase sales volume

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

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

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

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

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

49. The marketing mix is distinct from and better than what is available from a competitor

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