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 good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






2. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






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






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






5. Tangible products we can see - touch - smell - hear - taste






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






7. The price the end customer is expected to pay as determined by the manufacturer






8. 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






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






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






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






12. The percentage change in unit sales that results from a percentage change in price






13. Products we purchase when we're in dire need






14. Tohose whose adoption to a new product signals a general acceptance of the innovation






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






16. The seller fine tunes the marketing effort with info from a detailed customer database






17. 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






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






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






20. 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






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






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






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






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






25. 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






26. An aggregating process - clustering people with similar needs into a "market segment"






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






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






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






30. A flexible pricing strategy that reflects what individual customers are willing to pay






31. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






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






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






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






35. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






36. 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






37. A pricing tactic in which the seller absorbs the total cost of transportation






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






39. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






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






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






42. An organizational unit that focuses on some product markets and is treated as a separate profit center






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






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






45. A strategy of frequently using sale prices to increase sales volume






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






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






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






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






50. Brands that the manufacturer of the product owns