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 strategy of frequently using sale prices to increase sales volume






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






3. 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






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






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






6. 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






7. 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






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






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






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






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






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






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






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






15. 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






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






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






18. People whose children are grown and who are now able to spend their money in other ways






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






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






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






22. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






23. A flexible pricing strategy that reflects what individual customers are willing to pay






24. Costs involved in moving from one brand to another






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






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






27. The loss of sales of an existing product when a new item in a product line or product family is introduced






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






29. Costs involved in using a product






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






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






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






33. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






34. The value of something that is given up to obtain something else






35. People over 65






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






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






38. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






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






40. People born between 1946 and 1964






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






42. Moral standards that guide marketing decisions and actions






43. 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






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






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






46. A relatively permanent change in behavior caused by acquired information or experience






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






48. 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






49. The practice of linking products to a particular social cause on an ongoing or short-term basis






50. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline