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






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






3. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






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






5. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






6. A pricing strategy in which a firm sets prices that provide ultimate value to customers






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






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






9. 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






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






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






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






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






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






15. 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






16. A manager who is responsible for developing and implementing the marketing plan for a single brand






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






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






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






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






21. When each family unit produces everything it consumes






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






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






24. A new product that copies with slight modification the design of an original product






25. An agreement between two brands to work together in marketing new or existing products






26. 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






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






28. A strategy where prices are set significantly higher than competing brands






29. 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






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






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






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






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






34. 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






35. 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






36. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






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






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






39. A totally new product that creates major changes in the way we live






40. 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






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






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






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






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






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






46. A relatively permanent change in behavior caused by acquired information or experience






47. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






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






49. The last consumers to adopt the innovation






50. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale