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






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






3. People whose children are grown and who are now able to spend their money in other ways






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






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






6. 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






7. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






8. The last consumers to adopt the innovation






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






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






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






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






13. 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






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






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






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






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






18. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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






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






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






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






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






24. Moral standards that guide marketing decisions and actions






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






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






27. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






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






29. People born between 1946 and 1964






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






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






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






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






34. People over 65






35. The collaboration of two or more firms in setting prices - usually to keep prices high






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






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






38. A pricing tactic of charging reduced prices for larger quantities of product






39. 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






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






41. Brands that the manufacturer of the product owns






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






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






44. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences






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






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






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






48. An agreement between two brands to work together in marketing new or existing products






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






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