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






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






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






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






6. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






7. 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






8. 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






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






10. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






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






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






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






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






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






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






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






19. 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






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






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






22. People born between 1946 and 1964






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






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






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






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






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






28. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






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






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






31. A pricing tactic in which customers in different geographic zones pay different transportation rates






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






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






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






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






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






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






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






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






40. 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






41. The actual interaction between the customer and the service provider






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






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






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






45. The strategy of selling products at unreasonably low prices to drive competitors out of business






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






47. The practice of setting a limited number of different specific prices - called price points - for items in a product line






48. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






49. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






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







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Can you answer 50 questions in 15 minutes?


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