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






2. Goods that a business customer consumes in a relatively short time






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






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






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






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






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






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






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






10. The last consumers to adopt the innovation






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






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






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






14. 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






15. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






16. To try to increase the size of their target markets by combining two or more segments






17. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






18. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition






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






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






21. The first segment (2.5%) of a population to adopt a new product






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






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






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






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






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






27. Tangible products we can see - touch - smell - hear - taste






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






29. A totally new product that creates major changes in the way we live






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






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






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






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






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






35. Sometimes called millenials - refer to those born from 1978-1994






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






37. Moral standards that guide marketing decisions and actions






38. Pricing that is intended to maximize customer satisfaction and retention






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






40. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






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






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






43. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






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






45. A firm's total product offering designed to satisfy a single need or desire of target customers






46. A product that consumers perceive to be new and different form existing products






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






48. To try to find similar patterns within sets of data






49. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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