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






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






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






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






5. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






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






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






8. Basic or necessary items that are available almost everywhere






9. 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






10. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






11. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






13. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






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






15. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






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






17. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






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






19. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






20. 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






21. A fairly homogeneous group of customers to whom a company wishes to appeal






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






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






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






25. The process by which a consumer or business customer begins to buy and use a new good - service - or idea






26. What is left after taxes






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






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






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






30. A social process that directs an economy






31. Products created when firms transform raw materials from their original state






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






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






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






35. A strategy of frequently using sale prices to increase sales volume






36. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






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






38. 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






39. 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






40. 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






41. A flexible pricing strategy that reflects what individual customers are willing to pay






42. The last consumers to adopt the innovation






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






44. The price the end customer is expected to pay as determined by the manufacturer






45. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






46. A strategy of experimenting with prices until the price that generates the highest profitability is found






47. 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






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






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






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