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. The value of something that is given up to obtain something else






2. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






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






4. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






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






6. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






7. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






8. Brands that are owned and sold by a specific - retailer or distributor






9. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






10. Pricing products to maximize sales or to attain a desired level of sales or market share






11. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






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






13. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






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






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






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






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






18. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






19. 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






20. The first segment (2.5%) of a population to adopt a new product






21. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






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






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






24. Pricing that is intended to maximize customer satisfaction and retention






25. 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






26. 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






27. A new product that does not reach expectations for success - failing to reach sales objectives set






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






29. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






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






31. 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






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






33. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down






34. What is left of disposable income after paying for necessities






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






36. E-commerce that allows shoppers to purchase products through online bidding






37. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






38. 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






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






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






41. The practice of linking products to a particular social cause on an ongoing or short-term basis






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






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






44. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






46. Combining two or more submarkets into one larger target market as a basis for one strategy






47. A firm's total product offering designed to satisfy a single need or desire of target customers






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






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






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