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

2. The last consumers to adopt the innovation

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

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

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

6. Costs involved in moving from one brand to another

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

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

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

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

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

12. Segmenting the market and picking one of the homogeneous segments as the firms target market

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

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

15. The relative importance of perceived consequences of the purchase to a consumer

16. A change in an existing product that requires a moderate amount of learning or behavior change

17. 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

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

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

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

21. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention

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

23. Costs involved in using a product

24. The process by which a consumer or business customer begins to buy and use a new good - service - or idea

25. Basic or necessary items that are available almost everywhere

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

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

28. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location

29. A product that consumers perceive to be new and different form existing products

30. When each family unit produces everything it consumes

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

32. A pricing tactic in which customers in different geographic zones pay different transportation rates

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

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

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

37. The practice of exchanging a good or service for another good or service of like value

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

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

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

41. A means of measuring a website's success by tracking customers' movement around the company website

42. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same

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

44. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group

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

46. A pricing strategy that draws on past experience of the marketer in setting appropriate prices

47. A fairly homogeneous group of customers to whom a company wishes to appeal

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

49. A pricing tactic in which the seller absorbs the total cost of transportation

50. 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