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






2. 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






3. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






4. A price-setting method based on estimated of demand at different prices






5. 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






6. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






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






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






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






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






11. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






12. 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






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






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






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






16. 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






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






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






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






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






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






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






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






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






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






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






27. The value of a brand to an organization






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






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






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






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






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






33. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






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






35. 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






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






37. A product people often buy on the spur of the moment






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






39. A fairly homogeneous group of customers to whom a company wishes to appeal






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






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






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






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






44. Relevant to including a customer type in a product market






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






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






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






48. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






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






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