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






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






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






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






5. A social process that directs an economy






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






7. People over 65






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






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






10. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






11. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






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






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






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






15. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






16. Pricing products with a focus on a target level of profit growth or a desired net profit margin






17. A new product that does not reach expectations for success - failing to reach sales objectives set






18. 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






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






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






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






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






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






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






25. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






27. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






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






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






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






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






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






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






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






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






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






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






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






39. Learning that occurs as the result of rewards of punishments






40. Refers to the generation born immediately following the baby boom - from 1965-1977






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






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






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






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






45. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






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






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






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






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






50. An aggregating process - clustering people with similar needs into a "market segment"