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. 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.






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






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






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






5. Placing a product at a certain point or location within a marketin the minds of prospective buyers






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






7. Advertising that reinforces previous promotional activity by keeping the name of a good - service - organization - person - place - idea - or cause before the public






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






9. Product destined for use by ultimate consumers






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






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






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






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






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






16. Selling directly to consumers over the internet






17. 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






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






19. Strategy that focuses on producing a single product and marketing it to all customers - also called mass marketing






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






21. Advertising strategy that emphasizes messages with direct or indirect promotional comparisons between competing brands






22. Interpersonal influence process involving a seller's promotional presentation conducted on a person to person basis with the buyer






23. Selling by phone - mail - and electronic commerce






24. Product offered to consumers at less than cost to attract them to stores in the hope that they will buy other merchandise at regular prices






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






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






27. Agreement that grants foreign marketers the right to distribute a firm's merchandise or to use its trademark - patent - or process in a specified geographic area






28. 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






29. 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






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






31. Previously published information






32. Sample that gives every member of the population a chance of being selected






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






34. Attainment of organizational objectives by predicting and influencing the competitive - political-legal - economic - technological - and social-cultural environments






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






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






37. Group of retail stores planned - coordinated - and marketed as a unit






38. Simultaneous personal interview of a small group of individuals - which relies on group discussion about a certain topic






39. Revenues and intangible benefits such as referrals and customer feedback that a customer brings to the seller over the average lifetime - less the amount the company must spend to acquire - market to - and service the customer






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






41. Added value that a respected - well-known brand name gives to a product in the marketplace






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






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






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






45. Pricing strategy involving the use of a high price relative to competitive offerings






46. 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






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






48. Consumer awareness and identification of a brand






49. Retailing practice of combining dissimilar product lines to boost sales volume






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