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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. Short-run or long-run pricing objectives of achieving a specified return on either sales or investment






2. Products characterized by plain labels - no advertising - and the absence of brand names






3. 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






4. 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






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






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






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






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






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






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






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






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






13. Frequent-buyer or user marketing programs that reward customers with cash - rebates - merchandise - or other premiums.






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






15. People or institutions whose opinions are valued and to whom a person looks for guidance in his or her own behavior - values - and conduct - such as family - friends - or celebrities.






16. 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






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






18. High tech scam that uses authentic looking email or pop-up messages to get unsuspecting victims to reveal personal information






19. Federal legislation prohibiting price discrimination that is not based on a cost differential; also prohibits selling at an unreasonably low price to eliminate competition






20. Trade restrictions that limit the number of units of certain goods that can enter a country for resale






21. Organizational function and a set of processes for creating - communicating - and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders






22. Purchasing foreign goods and services






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






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






25. Features that a consumer considers in chosing among alternatives






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






27. Buyer-seller communications in which the customer controls the amount and type of information received from a marketer through such channels as the internetand virtual reality kiosks






28. 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






29. 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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30. Company wide consumer orientation with the objective of achieving long-run success--all facets from top to bottom of the organization contribute to satisfying customer needs and wants






31. Person's enduring favorable or unfavorable evaluations - emotions - or action tendencies toward some object or idea






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






33. Brand name owned by a manufacturer or other producer

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






35. 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






36. 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






37. Theory that advocates observing closely the innovations of first movers and then improving on them to gain advantage in the marketplace






38. Product destined for use by ultimate consumers






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






40. 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






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






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






43. Form of exporting whereby goods and services are bartered rather than sold for cash






44. Sequence of suppliers that contribute to the creation and delivery of a good or service






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






46. 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






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






48. Accord removing trade barriers between Canada - Mexico - and the US






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






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