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 product people often buy on the spur of the moment






2. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






3. What is left after taxes






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






5. A totally new product that creates major changes in the way we live






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






7. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






8. People born between 1946 and 1964






9. 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






10. 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






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






12. 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






13. A strategy where prices are set significantly higher than competing brands






14. 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






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






16. Those that actually affect the customers purchase of specific product or brand in a product market






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






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






19. 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






20. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






21. 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






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






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






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






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






26. A modification of an existing product that sets one brand apart from its competitors






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






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






29. A strategy of experimenting with prices until the price that generates the highest profitability is found






30. Moral standards that guide marketing decisions and actions






31. 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






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






33. The division of a market according to benefits that consumers want from the product






34. The last consumers to adopt the innovation






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






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






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






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






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






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






41. When each family unit produces everything it consumes






42. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






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






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






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






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






47. The pricing strategy of setting prices below cost to attract customers into a store






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






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






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