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

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

3. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition

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

5. The set of alternative brands the consumer is considering for the decision process

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

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

8. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline

9. Selling two or more goods or services as a single package for one price

10. Moral standards that guide marketing decisions and actions

11. The value of a brand to an organization

12. 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

13. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time

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

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

16. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes

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

18. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition

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

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

21. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.

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

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

24. A pricing strategy in which a firm sets prices that provide ultimate value to customers

25. 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

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

27. A strategy of frequently using sale prices to increase sales volume

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

29. Basic or necessary items that are available almost everywhere

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

31. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses

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

33. 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

34. 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

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

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

37. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country

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

39. Products that exhibit consistently high velocity sales in the consumer marketplace

40. Brands that the manufacturer of the product owns

41. The process by which people select - organize - and interpret information form the outside world

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

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

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

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

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

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

48. A social process that directs an economy

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

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