CLEP Exam – practice
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Micro-macro dilemma - what is good for some producers may not be good for society as a
whole (the society as a whole piece is key)
role of price in a market-directed economy - to serve as a rough measure of the value of
resources used to produce goods and services
marketing - attempts to affect the products and services you buy
marketing - applies to nonprofit organizations
advertising and sales promotion - marketing functions
marketing - can affect prices you will pay for a product
marketing - includes decisions about how to sell products
pure subsistence economy - family units make all the products they consume; no marketing
takes place because marketing doesn't occur unless two or more parties are willing to exchange
something for something else
tariffs - taxes on imported products; legal as long as all regulations are followed
production - involves actually making the product
, examples of marketing functions - predicting the types of cars different people will buy,
determining the features of the car, selling the car, and developing a sales promotion campaign
for the car
macro-marketing - looks at the marketing function in relation to society as a whole
micro-marketing - looks at activities of individual organizations
sales era - emphasis on selling more parts and outselling the competition
production era - focused on the production of products
marketing company era - a time when companies embraced the marketing concept
simple trade era - when middlemen were introduced in the early role of marketing involving
simple distribution
marketing department era - tied various marketing efforts together under one department
controllable variables a company applies to their marketing strategy - product, price, place, and
promotion
why is price a rough measure of the value of resources used to produce goods and services? -
because prices in a market-directed economic system vary to allocate resources and distribute
income according to consumer preferences
All-Round Exam Prep Collection | Solved Questions, Tips, and Marking Guidance
for Top Results
Micro-macro dilemma - what is good for some producers may not be good for society as a
whole (the society as a whole piece is key)
role of price in a market-directed economy - to serve as a rough measure of the value of
resources used to produce goods and services
marketing - attempts to affect the products and services you buy
marketing - applies to nonprofit organizations
advertising and sales promotion - marketing functions
marketing - can affect prices you will pay for a product
marketing - includes decisions about how to sell products
pure subsistence economy - family units make all the products they consume; no marketing
takes place because marketing doesn't occur unless two or more parties are willing to exchange
something for something else
tariffs - taxes on imported products; legal as long as all regulations are followed
production - involves actually making the product
, examples of marketing functions - predicting the types of cars different people will buy,
determining the features of the car, selling the car, and developing a sales promotion campaign
for the car
macro-marketing - looks at the marketing function in relation to society as a whole
micro-marketing - looks at activities of individual organizations
sales era - emphasis on selling more parts and outselling the competition
production era - focused on the production of products
marketing company era - a time when companies embraced the marketing concept
simple trade era - when middlemen were introduced in the early role of marketing involving
simple distribution
marketing department era - tied various marketing efforts together under one department
controllable variables a company applies to their marketing strategy - product, price, place, and
promotion
why is price a rough measure of the value of resources used to produce goods and services? -
because prices in a market-directed economic system vary to allocate resources and distribute
income according to consumer preferences
