Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • 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. Products that exhibit consistently high velocity sales in the consumer marketplace

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

3. Products we purchase when we're in dire need

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

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

6. When each family unit produces everything it consumes

7. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production

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

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

10. 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

11. Income that is adjusted to take out the effects of inflation on purchasing power

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

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

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

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

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

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

18. People over 65

19. Means that a firm has a marketing mix that the target market sees as better than a competitors mix

20. A homogeneous group of customers who will respond to a marketing mix in a similiar way

21. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix

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

23. The practice of setting a limited number of different specific prices - called price points - for items in a product line

24. The regret or remorse buyers may feel after making a purchase

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

26. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country

27. 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

28. 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

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

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

31. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires

32. The loss of sales of an existing product when a new item in a product line or product family is introduced

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

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

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

36. The actual interaction between the customer and the service provider

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

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

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

40. Expensive goods that an organization uses in its daily operations that last for a long time

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

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

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

44. 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

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

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

47. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences

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

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

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