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






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






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






5. 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






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






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






8. 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






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






10. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






11. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






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






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






14. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






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






16. A situation in which an increase or a decrease in price will not significantly affect demand for the product






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






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






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






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






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






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






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






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






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






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






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






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






29. Selling two or more goods or services as a single package for one price






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






31. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






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






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






34. Costs involved in using a product






35. 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






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






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






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






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






40. A change in an existing product that requires a moderate amount of learning or behavior change






41. 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






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






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






44. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






46. People over 65






47. 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






48. Discounts based on the total quantity bought within a specified time period






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






50. What is left after taxes







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