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






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






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






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






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






6. The relative importance of perceived consequences of the purchase to a consumer






7. Expensive goods that an organization uses in its daily operations that last for a long time






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






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






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






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






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






13. 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






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






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






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






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






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






19. Basic or necessary items that are available almost everywhere






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






21. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






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






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






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






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






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






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






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






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






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






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






32. A manager who is responsible for developing and implementing the marketing plan for a single brand






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






34. Moral standards that guide marketing decisions and actions






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






36. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






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






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






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






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






41. Group of people within an organization who focus exclusively on the development of a new product






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






43. 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






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






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






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






47. 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






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






49. 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






50. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins







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Can you answer 50 questions in 15 minutes?


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