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






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






3. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






4. 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






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






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






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






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






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






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






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






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






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






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






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






16. 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






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






18. 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






19. The loss of sales of an existing product when a new item in a product line or product family is introduced






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






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






22. Basic or necessary items that are available almost everywhere






23. 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






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






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






26. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






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






28. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






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






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






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






32. What is left after taxes






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






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






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






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






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






38. 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






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






40. Sometimes called millenials - refer to those born from 1978-1994






41. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






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






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






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






45. 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






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






47. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






48. A marketing mix is tailored to fit some specific target customers






49. 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






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