maybe CPU-z should just come with an explination above the clock speed indercator that says
"if this number is lower than though, the computer is either in power saver mode or intel speed step has been enabled"
try putting the laptop on full preformance mode, then make the laptop got at 100% CPU useage.
u will notice that ur multiplier is set to 6 rather than around 11 or what ever it should be. make the CPU do summit and watch the number jump back up:P
u can disable speed step in the bios although its there to make ur CPU work less hard demand less power and produce less heat when its not needed.
if only CPU-Z gave this infomation we would not have these posts lol, then again they are fun to reply to
(could have said ur CPU is dead and take it back to the shop haha, would have been funny) but ur CPU is fine