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 process by which people select - organize - and interpret information form the outside world






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






3. A brand that a group of individual products or individual brands share






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






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






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






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






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






9. 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






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






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






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






13. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






14. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






15. The value of a brand to an organization






16. The relative importance of perceived consequences of the purchase to a consumer






17. A means of measuring a website's success by tracking customers' movement around the company website






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






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






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






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






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






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






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






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






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






27. When a percentage change in price results in a larger percentage change in the quantity demanded






28. An aggregating process - clustering people with similar needs into a "market segment"






29. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm






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






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






32. A pricing strategy that considers the lifetime cost of using the product






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






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






35. 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






36. A totally new product that creates major changes in the way we live






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






38. Basic or necessary items that are available almost everywhere






39. 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






40. Discounts based only on the quantity purchased in individual orders






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






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






43. Costs involved in using a product






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






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






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






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






48. A new product sold with the same brand name as a strong existing brand






49. To try to increase the size of their target markets by combining two or more segments






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