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






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






3. Advertising that reinforces previous promotional activity by keeping the name of a good - service - organization - person - place - idea - or cause before the public






4. Control of the activities of purchasing - processing - and delivery through which raw materials are transformed into products and made available to final consumers






5. Goods and services that consumers want to purchase frequently - immediately - and with minimal effort






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






7. 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






8. Simultaneous personal interview of a small group of individuals - which relies on group discussion about a certain topic






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






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






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






12. Classification used by NAFTA countries to categorize the business marketplace into detailed market segments






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






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






15. Physiological - safety - social/belongingness - esteem needs - self-actualization

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16. Process of coordinating the flow of information - goods - and services among members of the distribution channel






17. 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






18. Promotion that seeks to develop initial demand for a good - service - organization - person - place - idea - or cause






19. Activities involved in selling merchandise to ultimate consumers






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






21. Pricing technique used to determine the number of products that must be sold at a specified price to generate enough revenue to cover total cost






22. Distribution of a product through a single wholesaler or retailer in a specific geographic region






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






24. Previously published information






25. Way to evaluate each of an organization's SBUs - like a portfolio performance framework. The market share/ market growth matrix places SBU's in a 4 quadrant chart that plots market share against market growth potential and then places them in one of






26. Practice of setting a limited number of prices for a selection of merchandise and marketing different product lines at each of these price levels






27. Situation in which a similar merchandise is available from multiple retail outlets - resulting in the blurring of distinctions between type of retailer and merchandise offered






28. 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






29. Organization that replaces GATT agreements - making binding decisions in mediating disputes (GATT were not binding agreements) - and reducing trade barriers-- 151members - must undergo extreme negotiations to enter WTO - China is one of the newest me






30. Meeting customer needs by listening to them - understanding their problems - paying attention to details - and following through after the sale






31. The most obvious distiniction between not-for-profit organizations and for-profit commercial firms-- business jargon that refers to the overall profitability of an organization






32. Price of one nation's currency in terms of another country's currency






33. Complete sequence of suppliers and activities that contribute to the creation and delivery of merchandise






34. Nonpersonal stimulation of demand for a good - service - place - idea - person - or organization by unpaid placement of significant news regarding the product in a print or broadcast medium






35. Messages that deal with buyer-seller relationships






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






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






38. Use of the internet for business transactions between organizations






39. Interactive process that occurs in the marketplace among marketers of directly competitive products - marketers of products that can be substituted for one another - and marketers competing for the consumer's purchasing power






40. Estimate of a firm's revenue for a specified future period






41. Analysis that help planners compare internal organizational strengths and weaknesses with external oppertunities and threats






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






43. Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world class performance






44. Relationship in which an organization provides funds or in-kind resources to an event or activity in exchange for a direct association with that event or activity






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






46. 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






47. Model developed by strategy expert Michael Porter that identifies 5 competitive forces that influence planning strategies; 1. the threat of new entrants 2. the bargaining power of buyers 3. the bargaining power of suppliers 4. the threat of substitut

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48. Marketing domestically produced goods and services in foreign countries






49. Strategic process of creating - distributing - promoting - and pricing goods and services to a target market over the internet or through digital tools-- downloading itunes music - booking a flight






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







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