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. Basic or necessary items that are available almost everywhere






2. Moral standards that guide marketing decisions and actions






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






4. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






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






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






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






8. A social process that directs an economy






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






10. The process by which organization adjust their offering in an attempt to match demand






11. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






12. 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






13. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






14. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






15. Products that consumers purchase to signal membership in a desirable social class






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






17. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






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






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






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






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






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






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






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






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






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






27. Communicating with large numbers of customers at the same time






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






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






30. To try to increase the size of their target markets by combining two or more segments






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






32. The value of something that is given up to obtain something else






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






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






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






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






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






38. A change in an existing product that requires a moderate amount of learning or behavior change






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






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






41. Charging a very high - premium price for a new product






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






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






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






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






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






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






48. 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






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






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