Marketing Basics
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Marketing Basics
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25 Questions

1. 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

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

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

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

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

6. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition

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

8. An internal state that drives us to satisfy needs by activating goal-oriented behavior

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

10. A strategy where prices are set significantly higher than competing brands

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

12. Pricing products to maximize sales or to attain a desired level of sales or market share

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

14. People over 65

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

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

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

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

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

20. 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

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

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

23. Costs of production that do not change with the number of units produced

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

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

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