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 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