Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets

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

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

4. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories

5. A means of characterizing consumers based on the different family stages they pass through as they grow older

6. Sometimes called millenials - refer to those born from 1978-1994

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

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

9. 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

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

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

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

13. 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

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

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

16. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention

17. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item

18. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs

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

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

21. Pricing products to maximize sales or to attain a desired level of sales or market share

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

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

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

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

26. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location

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

28. 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

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

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

31. 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

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

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

34. A marketing mix is tailored to fit some specific target customers

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

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

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

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

39. 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

40. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it

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

42. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase

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

44. 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

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

46. 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

47. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales

48. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country

49. 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

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