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. Buying and Selling (Exchange functions) - Transporting and Storing (Physical distribution functions) - Standardizing and Grading - Financing - Risk Taking - and Securing marketing information (Facilitating functions)






2. Communication link between buyers and sellers; the function of informing - persuading - and influencing a consumer's purchase decision.






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






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






5. Previously published information






6. Series of different but related ads that use a single theme and appear in different media within a specified time period






7. 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






8. Marketing domestically produced goods and services in foreign countries






9. Grid that organizes numerical information in a standardized - easily understood format






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






11. 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


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






13. Regular contacts between sales representatives and customers over an extended period to establish a sustained buyer-seller relationship






14. Agreement that grants foreign marketers the right to distribute a firm's merchandise or to use its trademark - patent - or process in a specified geographic area






15. Number of alternatives that a consumer actually considers in making a purchase decision






16. 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






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






18. Established price normally quoted to potential buyers






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






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






21. List of legitimate consumer expectations suggested by President Kennedy - the right to chose freely - the right to be informed - the right to be heard - the right to be safe






22. Personal selling that involves situations in which a considerable degree of analytical decision making on the buyer's part results in the need for skillful proposals of solutions for the customer's needs






23. Division of an overall market into homogenous groups based on thier location






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






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






26. Affiliation of 2 or more companies that help each other achieve common goals






27. Product that contributes directly or indirectly to the output of other products for resale; also called industrial or organizational product






28. Specified deduction from a list price - including a trade-in or promotional allowance






29. Division of a population into homogenous groups based on thier relationships to the product






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






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






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






33. Sample that involves personal judgement somehwere in the selection process






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






35. Nonpersonal selling of a particular good or service






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






37. Strategy of attaching a popular brand name to a new product in an unrelated product category






38. 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.






39. Offering two or more complementary products and selling them for a single price






40. Indirect type of selling in which specialized salespeople promote the firms goodwill among indirect customers - often by helping customers use products






41. Product destined for use by ultimate consumers






42. Combination of transport modes such as rail and highway carriers (piggyback) - air and highway carriers (birdyback) - and water and air carriers (fishyback) to improve customer service and achieve cost advantages






43. 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






44. Buyer and seller exchanges characterized by limited communications and little or no ongoing relationship between the parties.






45. Name - term - sign - symbol - design - or some combination that identifies the products of one firm while differentiating them from the competition's






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






47. Exchange value of a good or service






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






49. Brand name owned by a manufacturer or other producer


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