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






2. Paid - nonpersonal communication through various media about a business firm - not-for-profit organization - product - or idea by a sponsor identified in a message that is intended to inform or persuade members of a particular audience






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






4. Use of the internet for business transactions between organizations






5. 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






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






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






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






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






10. Intangible tasks that satisfy the needs of consumer and business users






11. Movement of goods and services from producers to customers






12. 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






13. Established price normally quoted to potential buyers






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






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






16. Traditional prices that customers expect to pay for certain goods and services






17. 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






18. Agent wholesaling intermediary that does not take title to or possesion of goods in the course of its primary function - which is to bring together buyers and sellers






19. Amount by which a retailer reduces the original selling price of a product






20. 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






21. 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






22. Series of related products offered by one company






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






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






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






26. 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






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






28. Firm's communications and relationships with its various publics






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






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






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






32. 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






33. Trendsetters who purchase new products before others in a group and then influence others in thier purchases






34. Tangible products that customers can see - hear - smell - taste - or touch






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






36. 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






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






38. Strategy in which a retailer shares advertising costs with a manufacturer or wholesaler






39. Social force within the environment that aids and protects the consumer by exerting legal - moral - and economic pressures on business and government






40. Marketing information system component that links a decision marketer with relevant databases and analysis tools






41. Products bought by ultimate consumers for personal use






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






43. 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


44. Division of a population into groups that have similar psychological characteristics - values - and lifestyles.






45. Process of selecting survey respondents or research participants






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






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






48. Combination of strategies and tools that drives relationship programs - reorienting the entire organization to a concentrated focus on satisfying customers.






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






50. Price that a consumer or marketing intermediary actually pays for a product after subtracting any discounts - allowances - or rebates from the list price