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 strategy of experimenting with prices until the price that generates the highest profitability is found






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






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






4. An integrated economic and social unit wit a large population nucleus






5. Group of people within an organization who focus exclusively on the development of a new product






6. 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






7. 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






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






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






10. The practice of setting a limited number of different specific prices - called price points - for items in a product line






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






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






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






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






15. A manager who is responsible for developing and implementing the marketing plan for a single brand






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






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






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






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






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






21. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






22. Costs involved in using a product






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






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






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






26. Charging a very high - premium price for a new product






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






28. Selling two or more goods or services as a single package for one price






29. 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






30. The values - beliefs - customs - and tastes that a group of people value






31. The marketing mix is distinct from and better than what is available from a competitor






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






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






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






35. A strategy where prices are set significantly higher than competing brands






36. Number of babies born per 1000 people fluctuated greatly in last 65 years






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






38. All the benefits the product will provide for consumers or business customers






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






40. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






41. The value of a brand to an organization






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






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






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






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






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






47. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses






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






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






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