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






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






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






5. 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






6. Pricing a new product low for a limited period of time to lower the risk for a customer






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






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






9. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






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






11. 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






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






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






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






15. 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






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






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






18. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






19. 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






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






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






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






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






24. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






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






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






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






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






29. 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






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






31. The seller fine tunes the marketing effort with info from a detailed customer database






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






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






34. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences






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






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






37. What is left after taxes






38. Moral standards that guide marketing decisions and actions






39. 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






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






41. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






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






43. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






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






45. The last consumers to adopt the innovation






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






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






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






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






50. A survey of customers regarding the types and quantities of products they intend to buy during a specific period