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






2. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






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






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






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






6. When each family unit produces everything it consumes






7. E-commerce that allows shoppers to purchase products through online bidding






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






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






10. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






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






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






13. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






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






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






16. What is left after taxes






17. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






18. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






19. The value of a brand to an organization






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






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






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






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






24. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






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






26. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






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






29. 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






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






31. People over 65






32. Relevant to including a customer type in a product market






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






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






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






36. A change in an existing product that requires a moderate amount of learning or behavior change






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






38. A firm's total product offering designed to satisfy a single need or desire of target customers






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






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






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






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






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






44. Segmenting the market and picking one of the homogeneous segments as the firms target market






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






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






47. 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






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






49. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






50. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues