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. Contractual agreement in which a wholesaler or retailer (the franchisee) agrees to meet the operating requirements of a manufacturer or other franchiser-- reduces risk by offering a proven concept






2. Pricing technique used to evaluate consumer demand by comparing the number of products that must be sold at a variety of prices to cover total cost with estimates of expected sales at the various prices






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






4. Inventory management system in which the seller--based on an existing agreement with a buyer--determines how much of a product is needed.






5. Paying search engines - such as google - a fee to make sure that the company's listing appears toward the top of the search results






6. Combination of physical chacterisitics and amenities that contribute to a store's image






7. Movement of high-wage jobs from one country to lower-cost overseas locations






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






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






10. Distribution of a product through all available channels






11. Selling mostly at the wholesale and retail levels - that involves identifying customer needs - pointing them out to customers - and completing orders






12. 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






13. 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






14. Coordination of all promotional activities to produce a unified - customer-focused promotional message






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






17. Use of the internet for business transactions between organizations






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






19. 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






20. Broad range of activities aimed at efficient movement of finished good from the end of the production line to the consumer






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






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






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






24. 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






25. Firm that targets customers by collecting and analyzing business information - conducting customer transactions - and maintaining online relationships with customers






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






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






28. Using outside vendors to provide goods and services formerly produced in-house






29. 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






30. Dominant and controlling member of a marketing channel






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






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






33. Technology that uses a tiny chip with identification information that can be read by a scanner using radio waves from a distance






34. 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






35. Process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary sources






36. 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






37. Marketing intermediaries that operate in the trade sector






38. 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






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






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






41. Series of related products offered by one company






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






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






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






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






46. Activities involved in selling merchandise to ultimate consumers






47. 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






48. Percentage of visitors to a website who make a purchase






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






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