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. Formal document that outlines a companies objectives - how they will be met - how the business will obtain financing - and how much money the company expects to earn.






2. Individuals and firms that acquire products to support - directly or indirectly - production of other goods and services-- HP buys chips from Intel - Sara Lee buys wheat to mill into flour for an ingredient in its breads - lightbulbs for a factory--l






3. Marketing activities other than personal selling - advertising - guerrila marketing - and public relations that stimulate consumer purchasing and dealer effectiveness






4. Nonpersonal selling of a particular good or service






5. Cooperative agreement in which two businesses jointly market each other's product






6. Pricing strategy that allows marketers to vary prices based on such factors as demand - even though the cost of providing those goods or services remains the same






7. Pricing strategy involving the use of a high price relative to competitive offerings






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






9. Statutes enacted in most states that once permitted manufacturers to stipulate a minimum retail price for their products






10. Process of collecting and using information for marketing decision making






11. Process by which new goods or services are accepted in the marketplace






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






13. Movement of goods and services from producers to customers






14. 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






15. Process of anticipating future events and conditions and of determining the best way to acheive organizational objectives






16. Promotion of a concept - an idea - a philosophy - or the goodwill of an industry - company - organization - person - geopgraphic location - or gov't agency






17. Marketers' standards of conduct and moral values






18. System of marketing institutions that enhances the physical flow of goods and services - along with ownership title - from producer to consumer or business user






19. Goods and services purchased for use either directly or indirectly in the production of other goods or services for resale






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






21. Product management system in which a category manager--with profit and loss responsibility-- oversees a product line






22. Development - growth - and maintenance of long-term - cost-effective relationships with individual customers - suppliers - employees - and other partners for mutual benefit.






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






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






25. Purchasing foreign goods and services






26. Promotional effort by the seller directed to members of the marketing channel rather than final users






27. Consumer refusal of alternatives and extensive search for desired merchandise






28. Research that discovered a strong positive relationship between a firm's market share and product quality and its return on investment






29. Process of anticipating events and market conditions and deciding how a firm can best achieve its organizational objectives






30. Strategy that focuses on producing a single product and marketing it to all customers - also called mass marketing






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






32. Site designed to increase a firm's visibility - promote its offerings - and provide information to interested parties






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






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






35. Promotion that attempts to increase demand for an existing good - service - organization - person - place - idea - or cause.






36. Blending of the 4 strategy elements- product - distribution - promotion - and pricing- to fit the needs and preferences of a specific target market






37. Division of an overall market into homogenous groups based on variables such as gender - age - income - occupation - education - sexual orientation - household size - and stage in the family life cycle; also called socioeconomic segmentation






38. Revenues and intangible benefits such as referrals and customer feedback that a customer brings to the seller over the average lifetime - less the amount the company must spend to acquire - market to - and service the customer






39. Loss of sales of an existing product due to competition from a new product in the same line






40. Tax levied against imported goods






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






42. Retailers or wholesalers that purchase products for resale to others-- usually finished goods are bought and resold to consumers; clothing - auto parts - meat.






43. Planned channel system designed to improve distribution and cost effectiveness by integrating various functions throughout the distribution chain






44. Consumer reliance on previous experiences with a product to choose that product again






45. Detailed description of the resources and actions needed to achieve stated marketing objectives






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






47. Management's failure to recognize the scope of it's business-- product-oriented rather than consumer-oriented endangers future growth






48. Bundle of physical - service - and symbolic attributes designed to satisfy a customer's wants and needs






49. State laws requiring sellers to maintain minimum prices for comparable merchandise






50. Part of a brand consisting of words or letters that form a name that identifies and distinguishes a firm's offerings from those of its competitors