Exam 8: Business Markets and Buying Behavior

Collin Roberts of Roberts Construction is planning to buy a piece of used earth-moving equipment. He would most likely base his purchase decision on ____ of the alternative machines.

When marketing to business customers, marketers have to understand the key characteristics of the business customer, and alter their marketing mix accordingly. For example, a business customer views _________ as the amount of investment necessary to obtain a desired level of return or savings. Moreover, the business customer demands ______________ before buying to be sure their needs are being met with the product.

The Alzheimer's Association is a national nonprofit organization serving individuals who suffer from Alzheimer's or dementia and their families as well as providing funding to support research. The Alzheimer's Association hasChapter s or affiliate organizations across the country to better serve each local market area. Each Alzheimer's AssociationChapter is responsible for making purchases for their office furniture, computers, printers, and other business services the organization needs, such as telephone or Internet. The Alzheimer's Association is a(n) _______ type of business market.

When certain consumer products are in high demand, producers might buy extra materials and equipment and when demand subsides, producers will cut back on their material purchases. This describes ____ demand.

The third stage in the business buying decision process is to

Management at Readyfresh Dry Cleaners is concerned that it maintains a high level of service for its business accounts. How should the firm monitor the level of service these customers receive?

What are the four major types of business markets, and what are the characteristics of each?

Individuals and business organizations that purchase products for the purpose of making a profit either by using the products to produce other products or by using them in their operations are classified as ____ markets.

Resellers are business intermediaries who buy finished goods and resell them for a profit. Their business model dictates that they consider several factors when deciding which products to buy. Which of the following is a factor the reseller considers when making purchase decisions?

When Hunter Ceiling Fans buys electrical wire for use in producing its ceiling fans, Hunter is part of what type of market for electrical wire?

Which of the following products is most likely to be purchased on the basis of contract negotiation?

Through FedBid, Inc., government agencies invite businesses to bid to supply the specified good or service in competition with each other. This is an example of a(n) ____________.

____ buy products from manufacturers and then resell the products to other firms in the distribution system.

Value analysis examines quality, design, and materials as well as current and potential vendors.

During the search for products and evaluating possible suppliers stage of the business buying decision process, marketers sometimes use ____ analysis to examine the quality, design, materials, and possibly item reduction in order to acquire the product in the most cost-effective way.

On-time delivery is crucial to a business customer, since a late delivery may hold up a production line or cause the firm to lose sales.

In industries in which price changes occur frequently, demand fluctuations have practically been eliminated since buyers have become used to these changes and have learned to ignore them.

Which method of business buying is necessary when products are highly homogeneous and examination of each item is not feasible?

What are the major advantages of the North American Industry Classification System (NAICS)?

A representative product taken from a lot or batch, evaluated, and purchased refers to