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






2. A firm's total product offering designed to satisfy a single need or desire of target customers






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






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






5. What is left after taxes






6. 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






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






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






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






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






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






12. 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






13. 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






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






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






16. 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






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






18. Basic or necessary items that are available almost everywhere






19. 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






20. 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






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






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






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






24. Discounts based on the total quantity bought within a specified time period






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






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






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






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






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






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






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






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






33. 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






34. When each family unit produces everything it consumes






35. Costs involved in using a product






36. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






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






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






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






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






41. 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






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






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






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






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






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






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






48. Pricing products to maximize sales or to attain a desired level of sales or market share






49. The division of a market according to benefits that consumers want from the product






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