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






2. The last consumers to adopt the innovation






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






4. All the benefits the product will provide for consumers or business customers






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






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






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






8. The regret or remorse buyers may feel after making a purchase






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






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






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






12. 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






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






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






15. 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






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






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






18. A social process that directs an economy






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






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






21. 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






22. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






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






24. The overall feelings or attitude a person has about a product after purchasing it






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






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






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






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






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






30. To try to increase the size of their target markets by combining two or more segments






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






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






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






34. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






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






36. Moral standards that guide marketing decisions and actions






37. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






38. A situation in which an increase or a decrease in price will not significantly affect demand for the product






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






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






41. A marketing mix is tailored to fit some specific target customers






42. 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






43. Brands that the manufacturer of the product owns






44. What is left of disposable income after paying for necessities






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






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






47. Those that actually affect the customers purchase of specific product or brand in a product market






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






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






50. Basic or necessary items that are available almost everywhere






Can you answer 50 questions in 15 minutes?



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