Question 1

Institutional markets are

Accepted Answer

A) intermediaries who resell goods to make a profit. 
B) federal and state government units. 
C) state or local government units. 
D) consumers who buy products for their own use. 
E) organizations that seek nonbusiness goals. 
A) intermediaries who resell goods to make a profit. 
B) federal and state government units. 
C) state or local government units. 
D) consumers who buy products for their own use. 
E) organizations that seek nonbusiness goals.

Question 2

Sometimes initial demand for a business product will drop following a price cut if buyers believe that further price reductions are forthcoming.

Accepted Answer

A) True 
 B)False

Question 3

Scenario 8.1
Use the following to answer the questions.
Samsung is entering the home appliance market with its new French Door Refrigerator.In designing the production facility,it has a need for various pieces of equipment,including the perpetual assembly belt-drive,quasi-assembly pods,and finishing stations.The purchasing agent for the appliance division is inquiring about who will be needed for input on the purchasing decision.Samsung has already contacted several producers of the quasi-assembly pods,and has begun negotiations with their sales representatives.
-Refer to Scenario 8.1.What type of business purchase is Samsung undertaking?

Accepted Answer

A) Modified rebuy 
B) Straight rebuy 
C) New-task 
D) Straight purchase 
E) New rebuy 
A) Modified rebuy 
B) Straight rebuy 
C) New-task 
D) Straight purchase 
E) New rebuy

Question 4

Inelastic demand in business markets refers to a situation where

Accepted Answer

A) demand for a given product fluctuates very little over time. 
B) price increases or decreases will not significantly change demand for a given product. 
C) demand for a given product fluctuates significantly over time. 
D) demand for one product depends heavily on the demand for another product. 
E) supply for a given product cannot keep pace with the demand for it. 
A) demand for a given product fluctuates very little over time. 
B) price increases or decreases will not significantly change demand for a given product. 
C) demand for a given product fluctuates significantly over time. 
D) demand for one product depends heavily on the demand for another product. 
E) supply for a given product cannot keep pace with the demand for it.

Question 5

The United States Navy purchases uniforms from a single supplier.For the last twenty-five years,the trousers purchased from this supplier have not changed and have been bought every six months,in seven different sizes.This example is called a

Accepted Answer

A) new-product purchase.. 
B) repetitive purchase. 
C) straight rebuy. 
D) modified rebuy. 
E) standard order. 
A) new-product purchase.. 
B) repetitive purchase. 
C) straight rebuy. 
D) modified rebuy. 
E) standard order.

Question 6

Scenario 8.1
Use the following to answer the questions.
Samsung is entering the home appliance market with its new French Door Refrigerator.In designing the production facility,it has a need for various pieces of equipment,including the perpetual assembly belt-drive,quasi-assembly pods,and finishing stations.The purchasing agent for the appliance division is inquiring about who will be needed for input on the purchasing decision.Samsung has already contacted several producers of the quasi-assembly pods,and has begun negotiations with their sales representatives.
-Refer to Scenario 8.1.There are many factors that would influence Samsung's business buying decisions.Which one of the following would not?

Accepted Answer

A) Environmental 
B) Organizational 
C) Interpersonal 
D) Demographic 
E) Individual 
A) Environmental 
B) Organizational 
C) Interpersonal 
D) Demographic 
E) Individual

Question 7

Ultimate consumers are generally more rational than business customers.

Accepted Answer

A) True 
 B)False

Question 8

Inspection refers to a purchasing method in which a representative unit is taken from a lot and evaluated,and the buying decision is based on the conclusions.

Accepted Answer

A) True 
 B)False

Question 9

What factors affect the purchase method that business customers choose?

Accepted Answer

The answer of What factors affect the purchase method that...

Question 10

Christoff's Lawn & Lot is a small business that provides landscaping and grass cutting services in the spring and summer.Christoff's usually contracts with customers on an annual basis,with the terms set out at the beginning of the season.This year,the area experienced a significant amount of rain,causing the grass to grow more quickly.Christoff's was required to cut the grass every time it grew 2 inches,and no matter how many times it needed cutting,the customer paid the same monthly amount based on the original contract.The price of gas has now grown by 35% causing Christoff's to pay more for their supplies.The demand for gas despite its price represents ________ demand for Christoff's Lawn & Lot.

Accepted Answer

A) elastic 
B) inelastic 
C) derived 
D) joint 
E) separate 
A) elastic 
B) inelastic 
C) derived 
D) joint 
E) separate

Question 11

The fact that business customers purchase products to be used directly or indirectly in the production of goods and services to satisfy customers' needs means that demand for business products is

Accepted Answer

A) joint. 
B) economically stable. 
C) derived. 
D) inelastic. 
E) more fluctuating. 
A) joint. 
B) economically stable. 
C) derived. 
D) inelastic. 
E) more fluctuating.

Question 12

Government markets,although complicated in their requirements,can be very lucrative.

Accepted Answer

A) True 
 B)False

Question 13

Raw materials are especially affected by joint demand.

Accepted Answer

A) True 
 B)False

Question 14

All of the following are important concerns of business customers except

Accepted Answer

A) achieving a specific level of quality in the products offered to target markets. 
B) obtaining a level of quality that meets specifications. 
C) obtaining products that exceed specifications to ensure the best possible product performance. 
D) obtaining products for which the quality level is consistent. 
E) supporting customers with services they expect. 
A) achieving a specific level of quality in the products offered to target markets. 
B) obtaining a level of quality that meets specifications. 
C) obtaining products that exceed specifications to ensure the best possible product performance. 
D) obtaining products for which the quality level is consistent. 
E) supporting customers with services they expect.

Question 15

What are the major advantages of the North American Industry Classification System (NAICS)compared to the Standard Industrial Classification (SIC)system?

Accepted Answer

The answer of What are the major advantages of the...

Question 16

Most business purchases can be classified as belonging to one of three types:

Accepted Answer

A) delinquent,repetitive,or delivered. 
B) repetitive,new-task,or modified rebuy. 
C) modified rebuy,new-task,or straight rebuy. 
D) delinquent,new-task,or reciprocal. 
E) rebuy,reciprocal,or delayed. 
A) delinquent,repetitive,or delivered. 
B) repetitive,new-task,or modified rebuy. 
C) modified rebuy,new-task,or straight rebuy. 
D) delinquent,new-task,or reciprocal. 
E) rebuy,reciprocal,or delayed.

Question 17

Motorola buys silicone which is used in its chip-making process.Motorola produces microchips for use within a wide variety of products for other firms,such as Ford,GM and Samsung.Motorola is a buyer in a(n)____ market.

Accepted Answer

A) producer 
B) government 
C) reseller 
D) construction 
E) institutional 
A) producer 
B) government 
C) reseller 
D) construction 
E) institutional

Question 18

Ben Davideau is assigned by his sales manager to come up with the names and addresses of twenty firms in his territory that have some potential for using sizable quantities of his firm's products.Wanting to be as efficient as possible,Ben looks in

Accepted Answer

A) Sales & Marketing Management. 
B) an SIC listing. 
C) the Census of Business. 
D) the Census of Manufacturers. 
E) Standard & Poor's Register. 
A) Sales & Marketing Management. 
B) an SIC listing. 
C) the Census of Business. 
D) the Census of Manufacturers. 
E) Standard & Poor's Register.

Question 19

What are some of the major concerns of business customers in making purchase decisions?

Accepted Answer

The answer of What are some of the major concerns...

Question 20

Retailers purchase products and resell them to final consumers.

Accepted Answer

A) True 
 B)False

Institutional markets are

Sometimes initial demand for a business product will drop following a price cut if buyers believe that further price reductions are forthcoming.

Inelastic demand in business markets refers to a situation where

The United States Navy purchases uniforms from a single supplier.For the last twenty-five years,the trousers purchased from this supplier have not changed and have been bought every six months,in seven different sizes.This example is called a

Ultimate consumers are generally more rational than business customers.

Inspection refers to a purchasing method in which a representative unit is taken from a lot and evaluated,and the buying decision is based on the conclusions.

What factors affect the purchase method that business customers choose?

The fact that business customers purchase products to be used directly or indirectly in the production of goods and services to satisfy customers' needs means that demand for business products is

Government markets,although complicated in their requirements,can be very lucrative.

Raw materials are especially affected by joint demand.

All of the following are important concerns of business customers except

What are the major advantages of the North American Industry Classification System (NAICS)compared to the Standard Industrial Classification (SIC)system?

Most business purchases can be classified as belonging to one of three types:

Motorola buys silicone which is used in its chip-making process.Motorola produces microchips for use within a wide variety of products for other firms,such as Ford,GM and Samsung.Motorola is a buyer in a(n)____ market.

Ben Davideau is assigned by his sales manager to come up with the names and addresses of twenty firms in his territory that have some potential for using sizable quantities of his firm's products.Wanting to be as efficient as possible,Ben looks in

What are some of the major concerns of business customers in making purchase decisions?

Retailers purchase products and resell them to final consumers.

An Overview of Strategic Marketing

Planning, Implementing, and Evaluating Marketing Strategies

The Marketing Environment

Social Responsibility and Ethics in Marketing

Marketing Research and Information Systems

Target Markets: Segmentation and Evaluation

Consumer Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product Concepts

Developing and Managing Products

Services Marketing

Branding and Packaging

Marketing Channels and Supply-Chain Management

Retailing, direct Marketing, and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Setting Prices

Filters

Exam 8: Business Markets and Buying Behavior

Institutional markets are

Sometimes initial demand for a business product will drop following a price cut if buyers believe that further price reductions are forthcoming.

Inelastic demand in business markets refers to a situation where

The United States Navy purchases uniforms from a single supplier.For the last twenty-five years,the trousers purchased from this supplier have not changed and have been bought every six months,in seven different sizes.This example is called a

Ultimate consumers are generally more rational than business customers.

Inspection refers to a purchasing method in which a representative unit is taken from a lot and evaluated,and the buying decision is based on the conclusions.

What factors affect the purchase method that business customers choose?

The fact that business customers purchase products to be used directly or indirectly in the production of goods and services to satisfy customers' needs means that demand for business products is

Government markets,although complicated in their requirements,can be very lucrative.

Raw materials are especially affected by joint demand.

All of the following are important concerns of business customers except

What are the major advantages of the North American Industry Classification System (NAICS)compared to the Standard Industrial Classification (SIC)system?

Most business purchases can be classified as belonging to one of three types:

Motorola buys silicone which is used in its chip-making process.Motorola produces microchips for use within a wide variety of products for other firms,such as Ford,GM and Samsung.Motorola is a buyer in a(n)____ market.

Ben Davideau is assigned by his sales manager to come up with the names and addresses of twenty firms in his territory that have some potential for using sizable quantities of his firm's products.Wanting to be as efficient as possible,Ben looks in

What are some of the major concerns of business customers in making purchase decisions?

Retailers purchase products and resell them to final consumers.

An Overview of Strategic Marketing

Planning, Implementing, and Evaluating Marketing Strategies

The Marketing Environment

Social Responsibility and Ethics in Marketing

Marketing Research and Information Systems

Target Markets: Segmentation and Evaluation

Consumer Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product Concepts

Developing and Managing Products

Services Marketing

Branding and Packaging

Marketing Channels and Supply-Chain Management

Retailing, direct Marketing, and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Setting Prices

Filters