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 last consumers to adopt the innovation






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






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






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






5. Costs involved in using a product






6. 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






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






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






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






10. 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






11. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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






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






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






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






16. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






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






18. The set of alternative brands the consumer is considering for the decision process






19. What is left of disposable income after paying for necessities






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






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






22. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






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






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






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






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






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






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






29. The value that customers give up - or exchange - to obtain a desired product






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






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






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






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






34. The process of eliminating interaction between customers and service providers






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






36. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






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






38. Discounts based on the total quantity bought within a specified time period






39. When each family unit produces everything it consumes






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






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






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






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






44. 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






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






46. What is left after taxes






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






48. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






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






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