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 market with very similar needs and sellers offering various close substitute ways of satisfying those needs






2. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






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






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






5. 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






6. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






7. The physical good or the delivered service that supplies the desired benefit






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






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






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






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






12. 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






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






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






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






16. 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






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






18. Extent to which a firm fulfills a customers needs - desires - and expectations






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






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






21. People over 65






22. The values - beliefs - customs - and tastes that a group of people value






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






24. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






25. All the benefits the product will provide for consumers or business customers






26. 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






27. 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






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






29. Costs involved in using a product






30. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






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






32. What is left after taxes






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






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






35. A pricing strategy that considers the lifetime cost of using the product






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






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






38. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






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






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






41. Number of babies born per 1000 people fluctuated greatly in last 65 years






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






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






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






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






46. 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






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






48. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






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






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