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






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






3. A pricing strategy that considers the lifetime cost of using the product






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






5. When each family unit produces everything it consumes






6. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






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






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






10. People born between 1946 and 1964






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






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






13. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






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






15. Basic or necessary items that are available almost everywhere






16. The set of alternative brands the consumer is considering for the decision process






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






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






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






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






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






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






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






24. Moral standards that guide marketing decisions and actions






25. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






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






27. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






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






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






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






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






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






33. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






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






35. A social process that directs an economy






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






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






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






39. A new product that does not reach expectations for success - failing to reach sales objectives set






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






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






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






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






44. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






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






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






47. 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






48. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






49. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






50. A product that consumers perceive to be new and different form existing products