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 tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






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






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






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






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






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






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






8. People over 65






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






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






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






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






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






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






15. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






17. 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






18. The process by which the use of a product spreads throughout the population






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






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






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






22. People born between 1946 and 1964






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






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






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






26. The first segment (2.5%) of a population to adopt a new product






27. 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






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






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






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






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






32. 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






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






34. 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






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






36. Relevant to including a customer type in a product market






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






38. 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






39. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






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






41. 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






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






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






44. An internal state that drives us to satisfy needs by activating goal-oriented behavior






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






46. Brands that are owned and sold by a specific - retailer or distributor






47. Learning that occurs as the result of rewards of punishments






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






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






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







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