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






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






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






4. Inner state that directs a person toward the goal of satisfying a need






5. 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






6. 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






7. Observational research method developed by social anthropologists in which customers are observed in thier natural setting and thier behavior is interpreted based on an understanding of social and cultural characteristics; also known as ethnography o






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






9. Brand for which the owner claims exclusive legal protection






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






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






13. 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






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






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






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






17. Firm whose marketing specialists help advertisers plan and prepare advertisements






18. Blending of the 4 strategy elements- product - distribution - promotion - and pricing- to fit the needs and preferences of a specific target market






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






20. Single brand name that identifies several related products






21. Component of the marketing environment consisting of the relationship between the marketer - society - and culture






22. Exchange value of a good or service






23. Price of one nation's currency in terms of another country's currency






24. Key business units within diversified firms-- each SBU has its own managers - resources - objectives - and competitors. A division - a product line - or single product may define the boundaries of an SBU - each persues its own mission and often devel

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25. International trade accord that has helped reduce world tariffs






26. Marketing philosophies - policies - procedures - and actions that have the enhancement of society's welfare as a primary objective






27. Offering within a product line such as a specific size of liquid detergent






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






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






30. Promotion of a concept - an idea - a philosophy - or the goodwill of an industry - company - organization - person - geopgraphic location - or gov't agency






31. Customs union that is moving in the direction of an economic union by adopting a common currency - removing trade restrictions - and permitting free flow of goods and workers throughout the member nations-- 27countries--huge common market






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






33. 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






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






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






36. Tax levied against imported goods






37. 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






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






39. Factors that influence consumer buying power and marketing strategies - including stage of the business cycle - inflation and deflation - unemployment - income - and resource availibility






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






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






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






43. Products bought by ultimate consumers for personal use






44. Targeting potential customers at very narrow - basic levels - such as by zip cod - specific occupation - or lifestyle--possibly even individuals themselves






45. 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.






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






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






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






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






50. Marketing of sporting - cultural - and charitable activities to selected target markets






Can you answer 50 questions in 15 minutes?



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