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. The process by which organization adjust their offering in an attempt to match demand






2. 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






3. 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






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






5. 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






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






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






8. A firm's total product offering designed to satisfy a single need or desire of target customers






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






10. The final stage in the product life cycle - in which sales decrease as customer needs change






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






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






13. The physical good or the delivered service that supplies the desired benefit






14. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






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






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






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






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






19. A new product that does not reach expectations for success - failing to reach sales objectives set






20. The collaboration of two or more firms in setting prices - usually to keep prices high






21. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






22. Costs of production that do not change with the number of units produced






23. When a percentage change in price results in a larger percentage change in the quantity demanded






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






25. Costs involved in moving from one brand to another






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






27. The dimensions that consumers use to compare completing product alternatives






28. The marketing mix is distinct from and better than what is available from a competitor






29. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






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






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






32. Basic or necessary items that are available almost everywhere






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






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






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






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






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






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






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






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






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






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






43. When a percentage change in price results in a smaller percentage change in the quantity demanded






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






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






46. 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






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






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






49. 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






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