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

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

3. What is left after taxes

4. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category

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

6. People whose children are grown and who are now able to spend their money in other ways

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

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

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

10. When each family unit produces everything it consumes

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

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

13. Theories of learning that focus on how consumer behavior is changed by external events or stimuli

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

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

16. The psychological characteristics that consistently influence the way a person responds to situations in the environment

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

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

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

20. 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

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

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

23. The marketing mix is distinct from and better than what is available from a competitor

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

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

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

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

28. 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

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

30. The difference between the cost of the product and the selling price of the product

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

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

33. 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

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

35. 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

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

37. To try to find similar patterns within sets of data

38. The percentage change in unit sales that results from a percentage change in price

39. Products that consumers purchase to signal membership in a desirable social class

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

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

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

43. 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

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

45. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit

46. An organizational unit that focuses on some product markets and is treated as a separate profit center

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

48. Brands that the manufacturer of the product owns

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

50. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale