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 set of price or a price range in consumers' minds that they refer to in evaluating a product's price






2. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






3. Refers to the generation born immediately following the baby boom - from 1965-1977






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






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






6. The physical good or the delivered service that supplies the desired benefit






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






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






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






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






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






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






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






14. 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






15. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






16. Basic or necessary items that are available almost everywhere






17. 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






18. Costs involved in moving from one brand to another






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






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






21. Income that is adjusted to take out the effects of inflation on purchasing power






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






23. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






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






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






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






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






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






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






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






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






32. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






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






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






35. The percentage change in unit sales that results from a percentage change in price






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






38. 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






39. Pricing products to maximize sales or to attain a desired level of sales or market share






40. A pricing strategy that considers the lifetime cost of using the product






41. Brands that the manufacturer of the product owns






42. Pricing that is intended to maximize customer satisfaction and retention






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






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






45. 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






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






47. To try to find similar patterns within sets of data






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






49. 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






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