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. The value of a brand to an organization






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






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






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






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






6. The set of alternative brands the consumer is considering for the decision process






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






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






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






10. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition






11. The last consumers to adopt the innovation






12. Number of babies born per 1000 people fluctuated greatly in last 65 years






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






14. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






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






16. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






17. Costs involved in using a product






18. When each family unit produces everything it consumes






19. Sales forecasting based on the intuition of one or more executives






20. 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






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






22. 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






23. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






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






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






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






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






29. 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






30. The seller fine tunes the marketing effort with info from a detailed customer database






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






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






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






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






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






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






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






38. 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






39. Brands that the manufacturer of the product owns






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






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






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






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






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






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






46. Refers to the generation born immediately following the baby boom - from 1965-1977






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






48. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






49. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






50. 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