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. What is left of disposable income after paying for necessities

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

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

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

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

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

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

8. 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

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

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

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

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

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

14. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets

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

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

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

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

19. 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

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

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

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

23. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase

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

25. Those who adopt an innovation early in the diffusion process but later than the innovators

26. A pricing strategy that draws on past experience of the marketer in setting appropriate prices

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

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

29. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins

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

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

32. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli

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

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

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

36. The belief that use of a product has potentially negative consequences - either financial - physical or social

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

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

39. The process by which a consumer or business customer begins to buy and use a new good - service - or idea

40. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.

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

42. Sales forecasting based on the intuition of one or more executives

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

44. The values - beliefs - customs - and tastes that a group of people value

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

46. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition

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

48. People born between 1946 and 1964

49. The process of eliminating interaction between customers and service providers

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