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 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






2. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






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






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






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






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






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






8. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri






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






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






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






12. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






13. The value of a brand to an organization






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






15. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






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






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






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






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






20. Pricing intended to establish a desired image or positioning to prospective customers






21. 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






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






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






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






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






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






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






28. 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






29. Those who adopt an innovation early in the diffusion process but later than the innovators






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






31. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






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






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






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






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






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






37. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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






39. Costs involved in moving from one brand to another






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






41. Products that exhibit consistently high velocity sales in the consumer marketplace






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






43. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






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






45. People over 65






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






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






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






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






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







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