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






2. A pricing tactic in which customers in different geographic zones pay different transportation rates






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






4. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






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






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






7. Goods that a business customer consumes in a relatively short time






8. Basic or necessary items that are available almost everywhere






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






10. 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






11. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






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






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






14. 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






15. A new product that copies with slight modification the design of an original product






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






17. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






18. The values - beliefs - customs - and tastes that a group of people value






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






20. 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






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






22. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






23. 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






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






25. 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






26. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






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






28. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






29. The first segment (2.5%) of a population to adopt a new product






30. Costs involved in moving from one brand to another






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






32. The value of something that is given up to obtain something else






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






34. When each family unit produces everything it consumes






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






36. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






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






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






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






41. 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






42. Learning that occurs as the result of rewards of punishments






43. 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






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






45. The psychological characteristics that consistently influence the way a person responds to situations in the environment






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






47. The practice of linking products to a particular social cause on an ongoing or short-term basis






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






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






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