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. Pricing products with a focus on a target level of profit growth or a desired net profit margin






2. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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






4. The last consumers to adopt the innovation






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






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






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






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






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






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






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






12. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






13. 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






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






15. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






16. An agreement between two brands to work together in marketing new or existing products






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






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






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






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






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






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






23. 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






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






25. Segmenting the market and picking one of the homogeneous segments as the firms target market






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






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






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






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






30. The actual interaction between the customer and the service provider






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






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






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






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






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






36. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






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






39. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






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






41. Basic or necessary items that are available almost everywhere






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






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






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






45. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






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






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






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






49. Theories of learning that focus on how consumer behavior is changed by external events or stimuli






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






Can you answer 50 questions in 15 minutes?



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