CLEP TEST EXAM QUESTIONS AND CORRECT
ANSWERS ACCURATE REAL EXAM WITH
FREQUENTLY TESTED QUESTIONS AND
RATIONALE ALREADY A GRADED for
GUARANTEED PASS LATEST UPDATE 2025.
economies of scale - CORRECT ANSWER as a company produces larger
quantities of an item, the cost of producing each item goes down
micro-marketing - CORRECT ANSWER looks at marketing as a set of
activities of individual organizations
possession utility - CORRECT ANSWER having the right to
use a product marketing concept - CORRECT ANSWER looks
at satisfying customer needs
Magnuson Act of 1975 - CORRECT ANSWER Along with FCC guidelines,
ensures that warranties are clear and definite, not deceptive or unfair;
states that producers must provide a clearly written warranty
what says that producers of goods must warrant their products as
merchantable? - CORRECT ANSWER US common law
UPC code - CORRECT ANSWER identifies products with a readable
electronic code; was developed to speed the handling of fast-selling
products
Federal Fair Packaging and Labeling Act of 1966 - CORRECT ANSWER
required goods to be clearly labeled and understandable
SWOT analysis - CORRECT ANSWER compares company's strengths
vs. weaknesses, and opportunities vs. threats; does NOT compare single
products
when is there a need for middlemen? - CORRECT ANSWER economies
in which marketing occurs
price fixing - CORRECT ANSWER illegal in the US; predetermined prices
planned by several competing companies
,CLEP TEST EXAM QUESTIONS AND CORRECT
ANSWERS ACCURATE REAL EXAM WITH
FREQUENTLY TESTED QUESTIONS AND
RATIONALE ALREADY A GRADED for
GUARANTEED PASS LATEST UPDATE 2025.
quotas - CORRECT ANSWER quantities of products that can be moved in or
out of a country
bribery - CORRECT ANSWER illegal in the US; extra money paid to
officials for favored status
,CLEP TEST EXAM QUESTIONS AND CORRECT
ANSWERS ACCURATE REAL EXAM WITH
FREQUENTLY TESTED QUESTIONS AND
RATIONALE ALREADY A GRADED for
GUARANTEED PASS LATEST UPDATE 2025.
when marketers focus on comparing their product versus a competitor's
product, they - CORRECT ANSWER -should be concerned with total
product offering
-look at the relative quality
SWOT ANALYSIS IS NOT APPROPRIATE FOR THIS TASK
service - CORRECT ANSWER NOT A PERISHABLE GOOD - THIS REFERS
TO FOOD; an
intangible deed performed by one party for another party at a cost
supplies - CORRECT ANSWER expense items that don't become a part
of a finished product and are tangible
goods - CORRECT ANSWER things you can hold
perishable good - CORRECT ANSWER one that is subject to spoil, such as
food
convenience products - CORRECT ANSWER products a customer needs
but is not willing to shop around for (customers DO NOT shop extensively)
three types of convenience products - CORRECT ANSWER staples,
impulse products, emergency products
staples - CORRECT ANSWER products that are bought routinely without much
thought
impulse product - CORRECT ANSWER if a buyer does not see an
impulse product at the right place, the sale will be lost; buyer behavior
DOES affect place utility with impulse products
emergency products - CORRECT ANSWER purchased when urgently needed
branding - CORRECT ANSWER helps customers cut shopping efforts and
encourages repeat buying of satisfactory brands for all goods
new product planning is becoming increasingly important in a modern economy
because -
, CLEP TEST EXAM QUESTIONS AND CORRECT
ANSWERS ACCURATE REAL EXAM WITH
FREQUENTLY TESTED QUESTIONS AND
RATIONALE ALREADY A GRADED for
GUARANTEED PASS LATEST UPDATE 2025.
CORRECT ANSWER it is not always profitable JUST to sell "me-too" products
product life cycle - CORRECT ANSWER shows a firm needs different
marketing mixes as a product moves through the cycle
do profits usually occur during the product introduction phase? -
CORRECT ANSWER no; profits rarely occur during the product
introduction phase. MOST OF THE PROFITS DO NOT GO TO
INNOVATORS.
The failure rate of new products - CORRECT ANSWER is HIGH - only 2%
of new products make it to market
ANSWERS ACCURATE REAL EXAM WITH
FREQUENTLY TESTED QUESTIONS AND
RATIONALE ALREADY A GRADED for
GUARANTEED PASS LATEST UPDATE 2025.
economies of scale - CORRECT ANSWER as a company produces larger
quantities of an item, the cost of producing each item goes down
micro-marketing - CORRECT ANSWER looks at marketing as a set of
activities of individual organizations
possession utility - CORRECT ANSWER having the right to
use a product marketing concept - CORRECT ANSWER looks
at satisfying customer needs
Magnuson Act of 1975 - CORRECT ANSWER Along with FCC guidelines,
ensures that warranties are clear and definite, not deceptive or unfair;
states that producers must provide a clearly written warranty
what says that producers of goods must warrant their products as
merchantable? - CORRECT ANSWER US common law
UPC code - CORRECT ANSWER identifies products with a readable
electronic code; was developed to speed the handling of fast-selling
products
Federal Fair Packaging and Labeling Act of 1966 - CORRECT ANSWER
required goods to be clearly labeled and understandable
SWOT analysis - CORRECT ANSWER compares company's strengths
vs. weaknesses, and opportunities vs. threats; does NOT compare single
products
when is there a need for middlemen? - CORRECT ANSWER economies
in which marketing occurs
price fixing - CORRECT ANSWER illegal in the US; predetermined prices
planned by several competing companies
,CLEP TEST EXAM QUESTIONS AND CORRECT
ANSWERS ACCURATE REAL EXAM WITH
FREQUENTLY TESTED QUESTIONS AND
RATIONALE ALREADY A GRADED for
GUARANTEED PASS LATEST UPDATE 2025.
quotas - CORRECT ANSWER quantities of products that can be moved in or
out of a country
bribery - CORRECT ANSWER illegal in the US; extra money paid to
officials for favored status
,CLEP TEST EXAM QUESTIONS AND CORRECT
ANSWERS ACCURATE REAL EXAM WITH
FREQUENTLY TESTED QUESTIONS AND
RATIONALE ALREADY A GRADED for
GUARANTEED PASS LATEST UPDATE 2025.
when marketers focus on comparing their product versus a competitor's
product, they - CORRECT ANSWER -should be concerned with total
product offering
-look at the relative quality
SWOT ANALYSIS IS NOT APPROPRIATE FOR THIS TASK
service - CORRECT ANSWER NOT A PERISHABLE GOOD - THIS REFERS
TO FOOD; an
intangible deed performed by one party for another party at a cost
supplies - CORRECT ANSWER expense items that don't become a part
of a finished product and are tangible
goods - CORRECT ANSWER things you can hold
perishable good - CORRECT ANSWER one that is subject to spoil, such as
food
convenience products - CORRECT ANSWER products a customer needs
but is not willing to shop around for (customers DO NOT shop extensively)
three types of convenience products - CORRECT ANSWER staples,
impulse products, emergency products
staples - CORRECT ANSWER products that are bought routinely without much
thought
impulse product - CORRECT ANSWER if a buyer does not see an
impulse product at the right place, the sale will be lost; buyer behavior
DOES affect place utility with impulse products
emergency products - CORRECT ANSWER purchased when urgently needed
branding - CORRECT ANSWER helps customers cut shopping efforts and
encourages repeat buying of satisfactory brands for all goods
new product planning is becoming increasingly important in a modern economy
because -
, CLEP TEST EXAM QUESTIONS AND CORRECT
ANSWERS ACCURATE REAL EXAM WITH
FREQUENTLY TESTED QUESTIONS AND
RATIONALE ALREADY A GRADED for
GUARANTEED PASS LATEST UPDATE 2025.
CORRECT ANSWER it is not always profitable JUST to sell "me-too" products
product life cycle - CORRECT ANSWER shows a firm needs different
marketing mixes as a product moves through the cycle
do profits usually occur during the product introduction phase? -
CORRECT ANSWER no; profits rarely occur during the product
introduction phase. MOST OF THE PROFITS DO NOT GO TO
INNOVATORS.
The failure rate of new products - CORRECT ANSWER is HIGH - only 2%
of new products make it to market
