Question 1

On an online ________,prices change by the minute.

Accepted Answer

A)  buying alliance 
B)  barter market 
C)  systems seller 
D)  spot market 
E)  catalog site 
A)  buying alliance 
B)  barter market 
C)  systems seller 
D)  spot market 
E)  catalog site D

Question 2

In the ________ category of buyer-supplier relationships,competition rather than cooperation is the dominant form of governance.

Accepted Answer

A)  basic buying and selling 
B)  bare bones 
C)  contractual transaction 
D)  customer supply 
E)  collaborative 
A)  basic buying and selling 
B)  bare bones 
C)  contractual transaction 
D)  customer supply 
E)  collaborative D

Question 3

What are the methods available to the buyer to review the performance of the chosen supplier? What advantage does performance review offer to the buyer?

Accepted Answer

The buyer periodically reviews the performance of the chosen supplier(s)using one of three
methods.The buyer may contact end users and ask for their evaluations,rate the supplier on
several criteria using a weighted-score method,or aggregate the cost of poor performance to come up with adjusted costs of purchase,including price.The performance review may lead the buyer to continue,modify,or end a supplier relationship.Many companies have set up incentive systems to reward purchasing managers for good buying performance,in much the same way sales personnel receive bonuses for good selling performance.
These systems lead purchasing managers to increase pressure on sellers for the best terms.

Question 4

________ is a key industrial marketing strategy in bidding to build large-scale industrial products such as dams,pipelines,etc.

Accepted Answer

A)  Systems contracting 
B)  Systems buying 
C)  Systems selling 
D)  Solutions buying 
E)  Turnkey logistics 
A)  Systems contracting 
B)  Systems buying 
C)  Systems selling 
D)  Solutions buying 
E)  Turnkey logistics

Question 5

The approach to cost reduction that studies whether components can be redesigned or standardized or made by cheaper methods of production without adversely impacting product performance is termed as ________.

Accepted Answer

A)  maintenance, repair, and operating (MRO) 
B)  product value analysis (PV
A)  
C)  vendor managed inventories (VMI) 
D)  supplier performance management (SPM) 
E)  supplier added value effort (SAV
E)  
A)  maintenance, repair, and operating (MRO) 
B)  product value analysis (PV
A)  
C)  vendor managed inventories (VMI) 
D)  supplier performance management (SPM) 
E)  supplier added value effort (SAV
E)

Question 6

Many business buyers prefer to buy a total solution to a problem from one seller.This process is also known as ________.

Accepted Answer

A)  channel consolidation 
B)  systems buying 
C)  vertical buying 
D)  horizontal buying 
E)  supply buying 
A)  channel consolidation 
B)  systems buying 
C)  vertical buying 
D)  horizontal buying 
E)  supply buying

Question 7

A new-task buyclass decision begins with which of the following steps?

Accepted Answer

A)  supplier search 
B)  general need description 
C)  product specification 
D)  problem recognition 
E)  proposal solicitation 
A)  supplier search 
B)  general need description 
C)  product specification 
D)  problem recognition 
E)  proposal solicitation

Question 8

Contracts are always sufficient to govern supplier transactions and prevent supplier opportunism.

Accepted Answer

A) True 
 B)False

Question 9

A performance review is the first step in the buygrid framework.

Accepted Answer

A) True 
 B)False

Question 10

Researchers have found that buyer-supplier relationships differed according to four factors: availability of alternatives;importance of supply;complexity of supply;and supply market dynamism.Based on these four factors,they classified buyer-supplier relationships into eight different categories.What are those categories?

Accepted Answer

The categories are: (1)basic buying and

Question 11

Which of the following is a form of cheating or undersupply relative to an implicit or explicit contract which usually takes place when buyers cannot easily monitor supplier performance?

Accepted Answer

A)  Institutional sale 
B)  Business buying 
C)  Opportunism 
D)  Vertical integration 
E)  Contractual transactionism 
A)  Institutional sale 
B)  Business buying 
C)  Opportunism 
D)  Vertical integration 
E)  Contractual transactionism

Question 12

When purchasing disposable surgical gowns,Mercy Hospital's vice president of purchasing analyzes whether the hospital should buy disposable gowns or reusable gowns.If the findings favor disposable gowns,then the operating-room administrator compares various competitors' products and prices and makes a choice.Surgeons influence the decision retroactively by reporting their satisfaction with the particular brand.In this situation,the operating-room administrator performs the role of the ________.

Accepted Answer

A)  gatekeeper 
B)  initiator 
C)  user 
D)  decider 
E)  influencer 
A)  gatekeeper 
B)  initiator 
C)  user 
D)  decider 
E)  influencer

Question 13

When purchasing disposable surgical gowns,Mercy Hospital's vice president of purchasing analyzes whether the hospital should buy disposable gowns or reusable gowns.If the findings favor disposable gowns,then the operating-room administrator compares various competitors' products and prices and makes a choice.Surgeons influence the decision retroactively by reporting their satisfaction with the particular brand.In this situation,the surgeons perform the role of the ________.

Accepted Answer

A)  decider 
B)  initiator 
C)  user 
D)  gatekeeper 
E)  buyer 
A)  decider 
B)  initiator 
C)  user 
D)  gatekeeper 
E)  buyer

Question 14

The business market consists of all the organizations that acquire goods and services used in the production of other products or services that are sold,rented,or supplied to others.

Accepted Answer

A) True 
 B)False

Question 15

The total demand for many business goods and services is not much affected by price changes.Thus,this demand is ________.

Accepted Answer

A)  derived 
B)  fluctuating 
C)  accelerated 
D)  multiple 
E)  inelastic 
A)  derived 
B)  fluctuating 
C)  accelerated 
D)  multiple 
E)  inelastic

Question 16

Small sellers should first concentrate their marketing efforts on reaching ________.

Accepted Answer

A)  approvers 
B)  initiators. 
C)  influencers 
D)  users 
E)  initiators 
A)  approvers 
B)  initiators. 
C)  influencers 
D)  users 
E)  initiators

Question 17

Sometimes a rise of only 10% in consumer demand can cause as much as a 200% rise in business demand for products for the next period.This is an example of ________.

Accepted Answer

A)  inelastic demand 
B)  direct purchasing 
C)  fluctuating demand 
D)  derived demand 
E)  a straight rebuy 
A)  inelastic demand 
B)  direct purchasing 
C)  fluctuating demand 
D)  derived demand 
E)  a straight rebuy

Question 18

The total demand for many business goods and services is inelastic?that is,not much affected by price changes.

Accepted Answer

A) True 
 B)False

Question 19

Business markets have several characteristics that contrast sharply with those of consumer markets.Name and briefly characterize five of those characteristics.

Accepted Answer

The characteristics of business markets

Question 20

Xerox offers a ________ approach to prospective clients when it offers a complete turnkey solution,including the operation and management of the client's information and communication need.

Accepted Answer

A)  guided selling 
B)  fair trading 
C)  systems buying 
D)  cross-selling 
E)  local purchasing 
A)  guided selling 
B)  fair trading 
C)  systems buying 
D)  cross-selling 
E)  local purchasing

On an online ________,prices change by the minute.

In the ________ category of buyer-supplier relationships,competition rather than cooperation is the dominant form of governance.

What are the methods available to the buyer to review the performance of the chosen supplier? What advantage does performance review offer to the buyer?

________ is a key industrial marketing strategy in bidding to build large-scale industrial products such as dams,pipelines,etc.

The approach to cost reduction that studies whether components can be redesigned or standardized or made by cheaper methods of production without adversely impacting product performance is termed as ________.

Many business buyers prefer to buy a total solution to a problem from one seller.This process is also known as ________.

A new-task buyclass decision begins with which of the following steps?

Contracts are always sufficient to govern supplier transactions and prevent supplier opportunism.

A performance review is the first step in the buygrid framework.

Which of the following is a form of cheating or undersupply relative to an implicit or explicit contract which usually takes place when buyers cannot easily monitor supplier performance?

The business market consists of all the organizations that acquire goods and services used in the production of other products or services that are sold,rented,or supplied to others.

The total demand for many business goods and services is not much affected by price changes.Thus,this demand is ________.

Small sellers should first concentrate their marketing efforts on reaching ________.

Sometimes a rise of only 10% in consumer demand can cause as much as a 200% rise in business demand for products for the next period.This is an example of ________.

The total demand for many business goods and services is inelastic?that is,not much affected by price changes.

Business markets have several characteristics that contrast sharply with those of consumer markets.Name and briefly characterize five of those characteristics.

Xerox offers a ________ approach to prospective clients when it offers a complete turnkey solution,including the operation and management of the client's information and communication need.

Defining Marketing for the 21st Century

Developing Marketing Strategies and Plans

Collecting Information and Forecasting Demand

Creating Long-term Loyalty Relationships

Analyzing Consumer Markets

Identifying Market Segments and Targets

Creating Brand Equity

Crafting the Brand Positioning and Competing Effectively

Setting Product Strategy

Designing and Managing Services

Developing Pricing Strategies and Programs

Designing and Managing Integrated Marketing Channels

Managing Retailing, Wholesaling, and Logistics

Designing and Managing Integrated Marketing Communications

Managing Mass Communications: Advertising, Sales Promotions, Events and Experiences, and Public Relations

Managing Personal Communications: Direct and Interactive Marketing, Word of Mouth, and Personal Selling

Managing Marketing in the Global Economy

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Exam 6: Analyzing Business Markets

On an online ________,prices change by the minute.

In the ________ category of buyer-supplier relationships,competition rather than cooperation is the dominant form of governance.

What are the methods available to the buyer to review the performance of the chosen supplier? What advantage does performance review offer to the buyer?

________ is a key industrial marketing strategy in bidding to build large-scale industrial products such as dams,pipelines,etc.

The approach to cost reduction that studies whether components can be redesigned or standardized or made by cheaper methods of production without adversely impacting product performance is termed as ________.

Many business buyers prefer to buy a total solution to a problem from one seller.This process is also known as ________.

A new-task buyclass decision begins with which of the following steps?

Contracts are always sufficient to govern supplier transactions and prevent supplier opportunism.

A performance review is the first step in the buygrid framework.

Which of the following is a form of cheating or undersupply relative to an implicit or explicit contract which usually takes place when buyers cannot easily monitor supplier performance?

The business market consists of all the organizations that acquire goods and services used in the production of other products or services that are sold,rented,or supplied to others.

The total demand for many business goods and services is not much affected by price changes.Thus,this demand is ________.

Small sellers should first concentrate their marketing efforts on reaching ________.

Sometimes a rise of only 10% in consumer demand can cause as much as a 200% rise in business demand for products for the next period.This is an example of ________.

The total demand for many business goods and services is inelastic?that is,not much affected by price changes.

Business markets have several characteristics that contrast sharply with those of consumer markets.Name and briefly characterize five of those characteristics.

Xerox offers a ________ approach to prospective clients when it offers a complete turnkey solution,including the operation and management of the client's information and communication need.

Defining Marketing for the 21st Century

Developing Marketing Strategies and Plans

Collecting Information and Forecasting Demand

Creating Long-term Loyalty Relationships

Analyzing Consumer Markets

Identifying Market Segments and Targets

Creating Brand Equity

Crafting the Brand Positioning and Competing Effectively

Setting Product Strategy

Designing and Managing Services

Developing Pricing Strategies and Programs

Designing and Managing Integrated Marketing Channels

Managing Retailing, Wholesaling, and Logistics

Designing and Managing Integrated Marketing Communications

Managing Mass Communications: Advertising, Sales Promotions, Events and Experiences, and Public Relations

Managing Personal Communications: Direct and Interactive Marketing, Word of Mouth, and Personal Selling

Managing Marketing in the Global Economy

Filters