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. Segmenting the market and picking one of the homogeneous segments as the firms target market






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






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






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






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






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






7. 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






8. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






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






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






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






12. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition






13. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






14. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses






15. All the benefits the product will provide for consumers or business customers






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






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






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






19. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






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






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






22. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






23. 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






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






25. The overall feelings or attitude a person has about a product after purchasing it






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






27. Sometimes called millenials - refer to those born from 1978-1994






28. 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






29. 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






30. Costs involved in using a product






31. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






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






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






34. A pricing tactic of charging reduced prices for larger quantities of product






35. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






36. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






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






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






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






40. Group of people within an organization who focus exclusively on the development of a new product






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






42. The value that customers give up - or exchange - to obtain a desired product






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






44. 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






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






46. A social process that directs an economy






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






48. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






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






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