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 new product that copies with slight modification the design of an original product






2. Basic or necessary items that are available almost everywhere






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






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






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






6. 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






7. The seller fine tunes the marketing effort with info from a detailed customer database






8. Aim at one or more homogeneous segments and try to develop different marketing mix for each






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






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






11. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






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






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






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






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






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






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






18. 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






19. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






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






21. A pricing tactic in which customers in different geographic zones pay different transportation rates






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






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






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






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






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






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






28. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






29. Extent to which a firm fulfills a customers needs - desires - and expectations






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






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






32. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






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






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






35. Tohose whose adoption to a new product signals a general acceptance of the innovation






36. 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






37. 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






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






39. 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






40. Pricing products to maximize sales or to attain a desired level of sales or market share






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






42. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






43. The percentage change in unit sales that results from a percentage change in price






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






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






46. 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






47. Moral standards that guide marketing decisions and actions






48. 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






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






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