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. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria

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

3. 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

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

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

6. A mental rule of thumb that leads to a speedy decision by simplifying the process

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

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

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

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

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

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

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

14. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue

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

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

17. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter

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

19. A relatively permanent change in behavior caused by acquired information or experience

20. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down

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

22. 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

23. A brand that a group of individual products or individual brands share

24. Group of people within an organization who focus exclusively on the development of a new product

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

26. 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

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

28. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses

29. A totally new product that creates major changes in the way we live

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

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

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

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

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

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

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

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

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

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

40. 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

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

42. The strategy of selling products at unreasonably low prices to drive competitors out of business

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

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

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

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

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

48. The practice of linking products to a particular social cause on an ongoing or short-term basis

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

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