Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • 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 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

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

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

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

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

6. 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

7. Brands that the manufacturer of the product owns

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

9. The physical good or the delivered service that supplies the desired benefit

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

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

12. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country

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

14. The final stage in the product life cycle - in which sales decrease as customer needs change

15. Aim at one or more homogeneous segments and try to develop different marketing mix for each

16. Costs involved in moving from one brand to another

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

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

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

20. The price the end customer is expected to pay as determined by the manufacturer

21. Basic or necessary items that are available almost everywhere

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

23. Products that exhibit consistently high velocity sales in the consumer marketplace

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

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

26. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures

27. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues

28. A new product that does not reach expectations for success - failing to reach sales objectives set

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

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

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

32. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item

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

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

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

36. 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

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

38. The psychological characteristics that consistently influence the way a person responds to situations in the environment

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

40. 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

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

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

43. A brand that a group of individual products or individual brands share

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

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

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

47. When a percentage change in price results in a larger percentage change in the quantity demanded

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

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

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