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 seller absorbs the total cost of transportation






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






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






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






5. Tangible products we can see - touch - smell - hear - taste






6. 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






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






8. 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






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






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






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






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






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






14. The process by which people select - organize - and interpret information form the outside world






15. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






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






17. The psychological characteristics that consistently influence the way a person responds to situations in the environment






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






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






21. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






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






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






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






25. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






26. 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






27. People over 65






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






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






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






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






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






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






34. A social process that directs an economy






35. The practice of exchanging a good or service for another good or service of like value






36. 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






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






38. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






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






40. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






41. 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






42. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






43. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






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






45. A product that consumers perceive to be new and different form existing products






46. The regret or remorse buyers may feel after making a purchase






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






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






49. A means of measuring a website's success by tracking customers' movement around the company website






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