Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • 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 survey of a firm's sales force regarding anticipated sales in their territories for a specified period.

2. A pricing tactic in which the seller absorbs the total cost of transportation

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

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

5. 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

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

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

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

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

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

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

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

13. Those who adopt an innovation early in the diffusion process but later than the innovators

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

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

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

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

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

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

20. Products that consumers purchase to signal membership in a desirable social class

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

22. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort

23. Tohose whose adoption to a new product signals a general acceptance of the innovation

24. 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

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

26. All the benefits the product will provide for consumers or business customers

27. The pricing strategy of setting prices below cost to attract customers into a store

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

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

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

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

32. 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

33. 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

34. A social process that directs an economy

35. An integrated economic and social unit wit a large population nucleus

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

37. A relatively permanent change in behavior caused by acquired information or experience

38. Pricing intended to establish a desired image or positioning to prospective customers

39. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales

40. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale

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

42. Segmenting the market and picking one of the homogeneous segments as the firms target market

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

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

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

46. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income

47. A fairly homogeneous group of customers to whom a company wishes to appeal

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

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

50. Pricing that is intended to have an effect on the marketing efforts of the competition