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






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






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






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






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






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






7. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm






8. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






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






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






11. The seller fine tunes the marketing effort with info from a detailed customer database






12. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






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






14. The process by which people select - organize - and interpret information form the outside world






15. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






16. Relevant to including a customer type in a product market






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






18. 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






19. Costs involved in moving from one brand to another






20. 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






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






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






23. 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






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






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






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






27. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






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






30. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






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






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






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






34. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






36. An integrated economic and social unit wit a large population nucleus






37. 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






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






39. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






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






41. The process by which organization adjust their offering in an attempt to match demand






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






43. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






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






46. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






47. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






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






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






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







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