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 approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






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






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






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






5. A flexible pricing strategy that reflects what individual customers are willing to pay






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






7. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






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






9. A pricing tactic in which customers in different geographic zones pay different transportation rates






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






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






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






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






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






15. When each family unit produces everything it consumes






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






17. 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






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






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






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






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






22. The percentage change in unit sales that results from a percentage change in price






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






24. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






25. Combining two or more submarkets into one larger target market as a basis for one strategy






26. The dimensions that consumers use to compare completing product alternatives






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






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






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






30. A change in an existing product that requires a moderate amount of learning or behavior change






31. Brands that the manufacturer of the product owns






32. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






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






34. The actual interaction between the customer and the service provider






35. An agreement between two brands to work together in marketing new or existing products






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






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






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






39. 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






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






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






42. Brands that are owned and sold by a specific - retailer or distributor






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






44. Income that is adjusted to take out the effects of inflation on purchasing power






45. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






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






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






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






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






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







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