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






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






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






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






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






6. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






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






8. A marketing mix is tailored to fit some specific target customers






9. Brands that are owned and sold by a specific - retailer or distributor






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






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






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






13. 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






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






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






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






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






18. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






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






20. 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






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






22. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner






23. 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






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






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






26. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






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






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






29. Products that exhibit consistently high velocity sales in the consumer marketplace






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






31. An integrated economic and social unit wit a large population nucleus






32. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






34. 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






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






36. The relative importance of perceived consequences of the purchase to a consumer






37. Selling two or more goods or services as a single package for one price






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






39. Products we purchase when we're in dire need






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






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






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






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






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






45. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






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






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






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






49. Combining two or more submarkets into one larger target market as a basis for one strategy






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