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






2. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






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






4. Moral standards that guide marketing decisions and actions






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






6. Number of babies born per 1000 people fluctuated greatly in last 65 years






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






8. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






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






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






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






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






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






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






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






17. A social process that directs an economy






18. 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






19. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






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






22. The regret or remorse buyers may feel after making a purchase






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






24. What is left after taxes






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






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






27. A mental rule of thumb that leads to a speedy decision by simplifying the process






28. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






29. 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






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






31. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






32. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






33. 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






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






35. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






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






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






38. 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






39. The process by which organization adjust their offering in an attempt to match demand






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






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






42. The price the end customer is expected to pay as determined by the manufacturer






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






44. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






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






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






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






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






49. An integrated economic and social unit wit a large population nucleus






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