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






2. A modification of an existing product that sets one brand apart from its competitors






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






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






5. A product that consumers perceive to be new and different form existing products






6. Brands that the manufacturer of the product owns






7. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






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






9. Costs involved in moving from one brand to another






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






11. A mental rule of thumb that leads to a speedy decision by simplifying the process






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






13. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences






14. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






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






16. 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






17. Expensive goods that an organization uses in its daily operations that last for a long time






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






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






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






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






22. The belief that use of a product has potentially negative consequences - either financial - physical or social






23. Pricing that is intended to have an effect on the marketing efforts of the competition






24. 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






25. 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






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






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






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






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






30. 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






31. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






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






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






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






35. The value of a brand to an organization






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






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






38. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner






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






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






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






42. Aim at one or more homogeneous segments and try to develop different marketing mix for each






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






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






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






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






47. The practice of setting a limited number of different specific prices - called price points - for items in a product line






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






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






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







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