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






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






3. 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






4. 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






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






6. The last consumers to adopt the innovation






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






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






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






11. 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






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






13. Products created when firms transform raw materials from their original state






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






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






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






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






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






19. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






20. The value of something that is given up to obtain something else






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






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






23. 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






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






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






26. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






27. A mental rule of thumb that leads to a speedy decision by simplifying the process






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






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






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






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






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






33. 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






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






35. 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






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






37. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






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






39. Brands that the manufacturer of the product owns






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






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






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






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






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






45. 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






46. An internal state that drives us to satisfy needs by activating goal-oriented behavior






47. What is left of disposable income after paying for necessities






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






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






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







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