Principles of Marketing CLEP Quick Prep Sheet

By Justin Orgeron

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• Language: English
• Publisher: Justin Orgeron
• Release date: Aug 16, 2013
• ISBN: 9781935792093

Justin Orgeron

An admitted "Testing Addict", Justin has spent years working to spread the word about credit by exam. Founder of the popular website www.Free-Clep-Prep.com, he has made it his mission to show that everyone, no matter their age or economic status, is able to earn a college degree.

Book preview

Welcome to the Quick Prep Sheet for the Principles of Marketing CLEP!

I say in our free study guide for this exam that we live in a world of marketing, and it’s true. No matter where you go in modern society, you’re being exposed to a very deliberate barrage of advertising and marketing. Because of this, many people understand much more about marketing than they give themselves credit for. This also means that the Marketing CLEP is one of the easiest CLEPs available.

We made this Quick Prep Sheet to fill any of the gaps in your marketing knowledge. We’ve tried to make it all as clear and comprehensive as possible, but if you get confused on something, do some further research! Then come back when you fully understand the concepts and keep reading.

Remember, I always suggest you use multiple resources for these exams and that advice hasn’t changed. Once you’re done here, go take our free full-length online practice test (http://practice-exams.free-clep-prep.com/login.php) and make sure you have the material down. Bring this Ebook with you to the testing center and use it for some last minute study in the car. Above all, don’t stress out over the exam! You can do this!

With all that out of the way… on to the studying!

Marketing Overview

Marketing – Marketing is a method of identifying a customer need, developing a product to meet that need, putting a price on it, advertising the product, and distributing it to consumers. It’s not just advertising, but the actual development of the product as well as the after–market care.

Product – A product is a tangible or intangible item that satisfies the customer’s wants or needs. It can be goods, services, or both!

•  Goods – A good is a tangible product, such as food, electronics or clothes. There are many types which we’ll talk about below.

•  Services – A service is an intangible product, such as a haircut, consulting advice, or research. You can’t save services for later like you can by storing goods.

Commodities – Commodities are goods that are fungible, meaning one brand can easily replace another. For example, flour is a commodity. The brand of flour is usually irrelevant, because all brands of flour serve the same purpose for baking. A TV is not a commodity, because different TV’s serve different purposes (Plasma, LCD, Direct Tube, DLP) and one brand of TV may not be easily replaced by another brand.

Convenience Goods – Convenience goods are consumer goods that are regularly or routinely bought by consumers with little or no effort. They are usually not expensive, and consumers use low–involvement decision making when purchasing convenience goods. Toilet paper is a convenience good. We don’t spend a lot of time purchasing it, but we do it regularly.

Shopping Goods – Shopping goods are items or products that consumers