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Marketing CLEP Practice Test
1) A decline in purchasing power due to price levels rising faster than income is called
A) Price elasticity
B) Balance of trade
C) Market share penetration
D) Inflation
E) None of the above
2) The CEO of a major corporation giving a talk show interview is an example of
A) Advertising
B) Goodwill
C) Public relations
D) Revenue generating
E) None of the above.
3) The T is SWOT analysis stands for what?
A) Testimonials
B) Threats
C) Territory
D) Transformation
E) None of the above
4) When you can only buy the latest video game from Walmart, the manufacturer for that game is participating in
A) Incentive distribution
B) Geographic distribution
C) Exclusive distribution
D) Determined distribution
E) None of the above
5) What is the first step in the process of decision making of a purchase?
A) Shopping around
B) Recommendations
C) Purchase evaluation
D) Research
E) Need awareness
6) What is the average response rate for direct mail marketing?
A) 2.6%
B) 2%
C) 10%
D) 8%
E) 4.1%
7) Producing a product for use in another country is called
A) Exporting
B) Wholesaling
C) Franchising
D) Licensing
E) Importing
8) An aftermarket car parts manufacturer sells their product to a distributor who then sells directly to retail car accessory stores. The manufacturer sells their product for $50 to the distributor who marks up the product 25% before selling to the retailer. The retailer then has a 100% markup on the product sold to the ultimate consumer. What is the price a retail customer will pay?
A) $125
B) $150
C) $175
D) $200
E) $225
9) When existing products are marketed to new groups it is called
A) Market segmentation
B) Product quality
C) Product differentiation
D) Product diversification
E) Market expansion
10) __________ is related to the pattern of sales to the marketing effort.
A) Marketing mix
B) Marketing allocation
C) Marketing response
D) Marketing strategy
E) None of the above
Need more practice?
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CLEP Practice Test Answer Key:
- D:) Inflation.
- C:) Public relations.
- B:) Threats.
- C:) Exclusive distribution. Exclusive distribution is when a company determines one retailer per country, state or city will be the only way of purchasing their product.
- E:) Need awareness.
- A:) 2.6%. Typically, a response rate of 2-3% is considered a successful campaign. However, those numbers can fluctuate on the industry and when considering justification, the cost of the mailing should be a consideration.
- A:) Exporting.
- A:) $125. The initial price is $50. The markup the distributor adds is $12.50, making the product cost $62.50 to the retailer. Their markup is 100% of the product cost, or $62.50. $62.50 for the product plus $62.50 for the markup makes this item $125 for the ultimate consumer.
- E:) Market expansion.
- C:) Marketing response.