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






2. A strategy of ducking under a competitor's price by a fixed percentage






3. Goods that a business customer consumes in a relatively short time






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






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






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






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






8. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






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






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






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






13. A means of characterizing consumers based on the different family stages they pass through as they grow older






14. 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






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






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






18. 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






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






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






21. 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






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






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






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






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






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






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






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






30. 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






31. People born between 1946 and 1964






32. 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






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






34. People over 65






35. Tangible products we can see - touch - smell - hear - taste






36. Tohose whose adoption to a new product signals a general acceptance of the innovation






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






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






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






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






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






42. An internal state that drives us to satisfy needs by activating goal-oriented behavior






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






44. A social process that directs an economy






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






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






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






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






49. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






50. 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







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