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 pricing strategy that considers the lifetime cost of using the product






2. Basic or necessary items that are available almost everywhere






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






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






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






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






7. 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






8. 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






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






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






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






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






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






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






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






16. 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






17. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






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






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






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






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






22. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






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






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






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






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






28. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






29. Products we purchase when we're in dire need






30. 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






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






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






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






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






35. The practice of exchanging a good or service for another good or service of like value






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






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






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






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






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






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






42. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm






43. Brands that the manufacturer of the product owns






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






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






46. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






47. Theories of learning that focus on how consumer behavior is changed by external events or stimuli






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






49. A product people often buy on the spur of the moment






50. Costs involved in using a product