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. Sales forecasting based on the intuition of one or more executives






2. When each family unit produces everything it consumes






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






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






5. 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






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






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






8. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






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






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






11. 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






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






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






14. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






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






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






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






18. The loss of sales of an existing product when a new item in a product line or product family is introduced






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






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






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






22. People born between 1946 and 1964






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






24. The actual interaction between the customer and the service provider






25. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






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






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






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






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






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






31. Basic or necessary items that are available almost everywhere






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






33. 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






34. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition






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






36. A pricing tactic of charging reduced prices for larger quantities of product






37. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






38. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






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






40. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






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






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






43. Expensive goods that an organization uses in its daily operations that last for a long time






44. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






45. 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






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






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






48. 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






49. Those that actually affect the customers purchase of specific product or brand in a product market






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