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 practice of linking products to a particular social cause on an ongoing or short-term basis






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






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






4. Extent to which a firm fulfills a customers needs - desires - and expectations






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






6. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm






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






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






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






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






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






12. A modification of an existing product that sets one brand apart from its competitors






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






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






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






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






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






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






19. Learning that occurs as the result of rewards of punishments






20. Products that consumers purchase to signal membership in a desirable social class






21. 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






22. 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






23. 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






24. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






26. Sometimes called millenials - refer to those born from 1978-1994






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






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






29. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






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






32. A firm's total product offering designed to satisfy a single need or desire of target customers






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






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






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






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






37. A pricing tactic in which customers in different geographic zones pay different transportation rates






38. The value of a brand to an organization






39. 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






40. The relative importance of perceived consequences of the purchase to a consumer






41. The dimensions that consumers use to compare completing product alternatives






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






43. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






44. When a percentage change in price results in a smaller percentage change in the quantity demanded






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






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






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






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






49. 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






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