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






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






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






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






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






6. A situation in which an increase or a decrease in price will not significantly affect demand for the product






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






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






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






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






11. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






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






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






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






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






16. An aggregating process - clustering people with similar needs into a "market segment"






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






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






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






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






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






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






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






24. The physical good or the delivered service that supplies the desired benefit






25. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






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






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






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






29. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






30. 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






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






32. Discounts based only on the quantity purchased in individual orders






33. 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






34. 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






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






36. Communicating with large numbers of customers at the same time






37. 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






38. Discounts based on the total quantity bought within a specified time period






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






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






41. Aim at one or more homogeneous segments and try to develop different marketing mix for each






42. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






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






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






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






46. Extent to which a firm fulfills a customers needs - desires - and expectations






47. A pricing strategy in which a firm sets prices that provide ultimate value to customers






48. Segmenting the market and picking one of the homogeneous segments as the firms target market






49. Moral standards that guide marketing decisions and actions






50. Pricing that is intended to have an effect on the marketing efforts of the competition