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 value that customers give up - or exchange - to obtain a desired product






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






3. A social process that directs an economy






4. 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






5. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






6. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






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






9. The first segment (2.5%) of a population to adopt a new product






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






11. 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






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






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






14. The process of eliminating interaction between customers and service providers






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






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






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






18. Discounts based only on the quantity purchased in individual orders






19. A means of characterizing consumers based on the different family stages they pass through as they grow older






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






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






22. The division of a market according to benefits that consumers want from the product






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






25. 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






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






27. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances






28. An organizational unit that focuses on some product markets and is treated as a separate profit center






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






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






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






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






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






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






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






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






37. Segmenting the market and picking one of the homogeneous segments as the firms target market






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






39. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






40. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






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






43. The value of something that is given up to obtain something else






44. People over 65






45. 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






46. Selling two or more goods or services as a single package for one price






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






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






49. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






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