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Free Sample CLEP Principles of Marketing Exam Prep Quiz

Below is a brief non-functioning CLEP quiz example from our Marketing database to illustrate the different subtopics, as well as the question answer format.

Sample Question 1
From the database of CLEP Principles of Marketing - Marketing Mix

In general, the "y-elasticity of x" is:
E_{x,y} = \left|\frac{\partial \ln x}{\partial \ln y}\right| = \left|\frac{\partial x}{\partial y}\cdot\frac{y}{x}\right|.
or, in terms of percentage change
E_{x,y} = \left|\frac{\partial \ln x}{\partial \ln y}\right| = \left|\frac{\partial x}{\partial y}\cdot\frac{y}{x}\right|
The "y-elasticity of x" is also called "the elasticity of x with respect to y".
It is typical to represent ________ as 'E', 'e' or lowercase epsilon, 'ε'.

A. Epsilon
B. Factions
C. Elasticity
D. Formulas

The answer is C, Elasticity.
 

Sample Question 2
From the database of CLEP Principles of Marketing - Target Marketing

Successful market __________ requires the following.

  • homogeneity within the segment
  • heterogeneity between segments
  • segments are measurable and identifiable
  • segments are accessible and actionable
  • segment is large enough to be profitable

These criteria can be summarized by the word DAMAS:

  • D Differential: it must respond differently to a different marketing mix
  • A Actionable: you must have a product for this segment to be measured
  • M Measurable: size and purchasing power can be measured
  • A Accessible: it must be possible to reach it efficiently
  • S Substantial: the segment has to be large and profitable enough

A. Research
B. Measurement
C. Characterization
D. Segmentation

The answer is D, Segmentation.
 

Sample Question 3
From the database of CLEP Principles of Marketing - Role of Marketing in a Firm

Product ________ is a marketing process of distinguishing it's product from its competitors in an effort to make one product more attractive to a particular target market. This usually occurs when there are many similar product options available in the market. An example would be dish soap, where one is tough on grease, while one is soft on your hands.

Sources of product __________:

  • Differences in quality which are usually accompanied by differences in price
  • Differences in functional features or design
  • Ignorance of buyers regarding the essential characteristics and qualities of goods they are purchasing
  • Sales promotion activities of sellers and, in particular, advertising
  • Differences in availability (e.g. timing and location).

A. Discrimination
B. Separation
C. Isolation
D. Differentiation

The answer is D, Differentiation.
 

Sample Question 4
From the database of CLEP Principles of Marketing - Marketing Mix

The BCG Matrix, by the ________ __________ _________, helps companies analyze their business products or services in terms of their relative market shares and growth rates. The matrix has four quadrants to which a company can plot their product line for evaluation; stars, question marks, cash cows, and dogs.

BCG Matrix

A. US Marketing Association
B. Wharton Business School
C. Pepperdine Marketing Association
D. Boston Consulting Group

The answer is D, Boston Consulting Group.
 

Sample Question 5
From the database of CLEP Principles of Marketing - Marketing Mix

What is the markup percentage of the cost if a product has a $90 cost and a sale price of $159?
Hint: The formula for markup percentage on cost is:
(Selling Price - Cost)/Cost

A. 79%
B. 33%
C. 120.5%
D. 76.7%

The answer is D, 76.7%. (159-90)/90 = .767


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