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






2. Basic or necessary items that are available almost everywhere






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






4. Costs involved in moving from one brand to another






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






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






7. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






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






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






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






11. The process by which organization adjust their offering in an attempt to match demand






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






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






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






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






16. A strategy of ducking under a competitor's price by a fixed percentage






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






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






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






20. Pricing that is intended to maximize customer satisfaction and retention






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






22. 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






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






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






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






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






27. 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






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






29. A price-setting method based on estimated of demand at different prices






30. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






31. Brands that the manufacturer of the product owns






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






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






35. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






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






37. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






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






39. People whose children are grown and who are now able to spend their money in other ways






40. Those that actually affect the customers purchase of specific product or brand in a product market






41. When a percentage change in price results in a smaller percentage change in the quantity demanded






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






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






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






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






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






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






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






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






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