Test your basic knowledge |

CLEP Marketing

Subjects : clep, 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. Variant of loss leader pricing in which marketers offer prices slightly above cost to avoid violating minimum-markup regulations and earn a minimal return on promotional sales






2. Previously published information






3. Exchange value of a good or service






4. Theory advocating that the company that is first to offer product in a marketplace will be the long-term market winner






5. Short for web log-- an online journal for an individual or organization






6. Component of the marketing environment consisting of laws and thier interpretations that require firms to operate under competitive conditions and to protect consumer rights






7. Personal selling conducted in retail and some wholesale locations in which customers come to the seller's place of business






8. Planning that guides the implementation of activities specified in the strategic plan






9. Percentage of people presented with a banner ad who click on it






10. Pricing strategy involving the use of a relatively low entry price compared with competitive offerings - based on the theory that this initial low price will help secure market acceptance






11. Process of selecting survey respondents or research participants






12. Point at which the additional revenue gained by increasing the price of a product equals the increase in total costs






13. People who purchase new products almost as soon as the products reach the market






14. Division of the total market into smaller - relatively homogenous groups






15. Production - promotion - and reclamation of environmentally sensitive products






16. Essential purpose that differentitates one company from others-- specifies the overall goals and operational scope and provides general guidelines for future management actions






17. Messages that deal with buyer-seller relationships






18. Distribution of a product through a limited number of channels






19. Direct communications - other than personal sales contacts - between buyer and seller - designed to generate sales - information requests - or store or website visits






20. Imbalance among knowledge - beliefs - and attitudes that occurs after an action or decision - such as a purchase






21. Knowledge or skill that is acquired as a result of experience - which changes consumer behavior






22. Targeting potential customers at very narrow - basic levels - such as by zip cod - specific occupation - or lifestyle--possibly even individuals themselves






23. Company website that sells products to customers






24. Partnerships in which 2 or more companies combine resources and capital to create competitive advantages in a new market






25. Hypothesis that each new type of retailer gains a competitive foothold by offering lower prices than current suppliers charge; the result of reducing or eliminating services






26. Pricing strategy designed to deemphasize price as a competitive variable by pricing a good or service at the general level of comparable offerings






27. Channel intermediary that takes title to goods it handles and then distributes these goods to retailers - other distributors - or B2B customers






28. Blending of the four strategy elements - product - distribution - promotion - and price - to fit the needs and preferences of a specific target market






29. Moving jobs to vendors in countries close to the businesses home country






30. Business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them






31. Federal legislation prohibiting price discrimination that is not based on a cost differential; also prohibits selling at an unreasonably low price to eliminate competition






32. Selling situation in which several sales associates or other members of the organization are recruited to help the lead sales representative reach all those who influence the purchase decision






33. Segmenting a business-to-business market based on how industrial purchasers will use the product






34. Movement of goods and services from producers to customers






35. Sales presentations made at prospective customer's' locations on a face-to- face basis






36. Distribution of a product through all available channels






37. Marketing effort sponsored by an organization that solicits responses from individuals who share common interests and activities






38. Measure of responsiveness of purchasers and suppliers to a change in price






39. Use of software to analyze marketing information - identifying and targeting messages toward specific groups of potential customers






40. Factors that influence consumer buying power and marketing strategies - including stage of the business cycle - inflation and deflation - unemployment - income - and resource availibility






41. Limited periods in during which the key requirements of a market and the particular competencies of a firm best fit together






42. Intangible products that firms buy to facilitate their production and operating processes






43. Marketing philosophies - policies - procedures - and actions that have the enhancement of society's welfare as a primary objective






44. Amount that a retailer adds to the cost of a product to determine its selling price






45. Promotional effort by the seller to stimulate final-user demand - which then exerts pressure on the distribution channel






46. Marketing efforts designed to cultivate the attention - interest - and preferences of a target market toward a person (perhaps political candidate or celebrity)






47. Strategy that focuses on producing several products and pricing - promoting - and distributing them with different marketing mixes designed to satisfy smaller segments.






48. Meaning that a person attributes to incoming stimuli gathered through the 5 senses






49. Stages that consumers go through in learning about a new product - trying it - and deciding whether to purchase it again






50. Pricing strategy emphasizing benefits derived from a product in comparison to the price and quality levels of competing offerings