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






2. Application to marketing of knowledge based on discoveries in science - inventions - and innovations






3. Percentage of people presented with a banner ad who click on it






4. 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






5. Comprehensive term that describes wholesalers as well as agents and brokers






6. Agent wholesaling intermediary that represents manufacterers of related but noncompeting products and receives a commision on each sale

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7. Promotional effort by the seller to stimulate final-user demand - which then exerts pressure on the distribution channel






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






9. Promotional technique in which marketing partners share the cost of a promotional campaign that meets their mutual needs






10. International trade accord that has helped reduce world tariffs






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






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






13. Selling by phone - mail - and electronic commerce






14. Consumer reliance on previous experiences with a product to choose that product again






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






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






17. Process of collecting information about the external environment to identify and interpret potential trends






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






19. Imbalance between a consumer's actual and desired states






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






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






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






23. 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.






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






25. Computer-to-computer exchanges of invoices - orders - and other business documents






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






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






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






29. Consumer awareness and identification of a brand






30. 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






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






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






33. Intangible products that firms buy to facilitate their production and operating processes






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






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






36. Series of related products offered by one company






37. Site designed to increase a firm's visibility - promote its offerings - and provide information to interested parties






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






39. 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






40. 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






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






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






43. Marketing intermediaries that operate in the trade sector






44. 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






45. Marketers' standards of conduct and moral values






46. Products that consumers purchase after comparing competing offerings






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






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






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






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