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






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






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






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






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






6. The last consumers to adopt the innovation






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






8. Aim at one or more homogeneous segments and try to develop different marketing mix for each






9. A homogeneous group of customers who will respond to a marketing mix in a similiar way






10. Moral standards that guide marketing decisions and actions






11. 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






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






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






14. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences






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






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






17. The value of a brand to an organization






18. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






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






20. What is left after taxes






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






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






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






24. Discounts based only on the quantity purchased in individual orders






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






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






27. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






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






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






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






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






32. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down






33. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






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






35. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






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






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






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






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






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






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






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






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






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






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






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






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






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






49. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






50. Pricing that is intended to have an effect on the marketing efforts of the competition