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






2. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






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






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






5. E-commerce that allows shoppers to purchase products through online bidding






6. Sometimes called millenials - refer to those born from 1978-1994






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






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






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






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






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






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






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






14. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






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






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






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






18. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






19. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner






20. The difference between the cost of the product and the selling price of the product






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






22. The collaboration of two or more firms in setting prices - usually to keep prices high






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






24. People born between 1946 and 1964






25. The process by which the use of a product spreads throughout the population






26. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






27. A change in an existing product that requires a moderate amount of learning or behavior change






28. 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






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






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






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






32. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






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






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






35. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






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






37. 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






38. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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






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






41. People over 65






42. Charging a very high - premium price for a new product






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






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






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






46. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition






47. Costs of production that do not change with the number of units produced






48. A social process that directs an economy






49. 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






50. A brand that a group of individual products or individual brands share