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






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






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






4. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






5. An aggregating process - clustering people with similar needs into a "market segment"






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






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






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






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






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






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






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






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






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






15. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






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






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






18. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






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






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






21. The strategy of selling products at unreasonably low prices to drive competitors out of business






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






23. 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






24. The first segment (2.5%) of a population to adopt a new product






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






26. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






28. 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






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






30. Costs involved in moving from one brand to another






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






32. To try to find similar patterns within sets of data






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






34. 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






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






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






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






38. 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






39. What is left after taxes






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






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






42. A change in beliefs or actions as a reaction to real or imagined group pressure






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






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






45. The regret or remorse buyers may feel after making a purchase






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






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






48. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






49. 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






50. The overall feelings or attitude a person has about a product after purchasing it