Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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 price-setting method based on estimated of demand at different prices

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

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

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

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

6. A manager who is responsible for developing and implementing the marketing plan for a single brand

7. 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

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

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

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

11. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria

12. When a percentage change in price results in a larger percentage change in the quantity demanded

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

14. Moral standards that guide marketing decisions and actions

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

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

17. A modification of an existing product that sets one brand apart from its competitors

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

19. 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

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

21. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes

22. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category

23. Basic or necessary items that are available almost everywhere

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

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

26. 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

27. Sometimes called millenials - refer to those born from 1978-1994

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

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

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

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

32. A situation in which an increase or a decrease in price will not significantly affect demand for the product

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

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

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

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

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

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

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

40. E-commerce that allows shoppers to purchase products through online bidding

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

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

43. The marketing mix is distinct from and better than what is available from a competitor

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

45. When each family unit produces everything it consumes

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

47. A totally new product that creates major changes in the way we live

48. A change in beliefs or actions as a reaction to real or imagined group pressure

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

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