Question 1

Compared with the SIC system,the North American Industry Classification System (NAICS)will

Accepted Answer

A) look at many industries at one time. 
B) be used throughout the world. 
C) contain the most up-to-date information for the NAFTA partners. 
D) provide less information about service industries. 
E) generate statistics that will not be useful in comparing countries. 
A) look at many industries at one time. 
B) be used throughout the world. 
C) contain the most up-to-date information for the NAFTA partners. 
D) provide less information about service industries. 
E) generate statistics that will not be useful in comparing countries.

Question 2

When trying to estimate the purchases of a potential business customer,it is reasonable to suppose that there is a relationship between the size of the potential customer's purchases and a variable such as the number of personnel employed by the customer.

Accepted Answer

A) True 
 B)False

Question 3

Business purchasing agents may indirectly contribute to the satisfaction of their own personal needs by helping their firms achieve organizational objectives.

Accepted Answer

A) True 
 B)False

Question 4

Pi Delta Mu sorority purchases food in bulk to feed its members living in the house.This means it is part of a(n)____ market.

Accepted Answer

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

Question 5

In what ways can an industrial classification system be used by business marketers to analyze target markets?

Accepted Answer

The answer of In what ways can an industrial classification...

Question 6

Inelastic demand simply means that

Accepted Answer

A) buyers will not make a modified rebuy purchase. 
B) demand depends on how many items are purchased. 
C) a price increase or decrease will not significantly change the demand for an item. 
D) when price goes up,demand goes down. 
E) when supply is reduced,the price will increase. 
A) buyers will not make a modified rebuy purchase. 
B) demand depends on how many items are purchased. 
C) a price increase or decrease will not significantly change the demand for an item. 
D) when price goes up,demand goes down. 
E) when supply is reduced,the price will increase.

Question 7

If a business product exceeds specifications,so much the better;the customer can then be assured of obtaining a minimum level of acceptability.

Accepted Answer

A) True 
 B)False

Question 8

A friend of yours starts his own business.He would like to expand his client base to include the government,but he believes his small business would be ignored.Based on your knowledge from the text,you tell him

Accepted Answer

A) that he's absolutely right,the government doesn't deal with small businesses. 
B) although the government will deal with small businesses,he will never make a profit off a government contract. 
C) that any government,federal,state,or local would laugh at the size of his business. 
D) the government rarely considers new suppliers when making purchasing decisions. 
E) the government buys products from all sizes of business,but there is some red tape. 
A) that he's absolutely right,the government doesn't deal with small businesses. 
B) although the government will deal with small businesses,he will never make a profit off a government contract. 
C) that any government,federal,state,or local would laugh at the size of his business. 
D) the government rarely considers new suppliers when making purchasing decisions. 
E) the government buys products from all sizes of business,but there is some red tape.

Question 9

The Eagle Pawn Company is a regional business that owns seven pawn stores in the Houston area.The owners of Eagle Pawn have recently purchased a new software system designed to better track their inventory.Now that they have had the system for a couple of months,they have decided to upgrade to a newer version.The original purchase is an example of a(an)________,while the current purchase will be a(an)_____.

Accepted Answer

A) new task;modified rebuy 
B) new task;continued new-task 
C) contractual;modified rebuy 
D) new task;straight rebuy 
E) negotiated task;modified rebuy 
A) new task;modified rebuy 
B) new task;continued new-task 
C) contractual;modified rebuy 
D) new task;straight rebuy 
E) negotiated task;modified rebuy

Question 10

A disadvantage of reciprocity is that it can lead to

Accepted Answer

A) a price war. 
B) higher promotional costs. 
C) more competitive firms entering the industry. 
D) less-than-optimal purchases for the buyer. 
E) longer periods of negotiation. 
A) a price war. 
B) higher promotional costs. 
C) more competitive firms entering the industry. 
D) less-than-optimal purchases for the buyer. 
E) longer periods of negotiation.

Question 11

Compared with consumer goods,marketers aiming at business customers

Accepted Answer

A) do not need to select target markets. 
B) have an enormous amount of information available concerning potential customers. 
C) have more difficulty in determining where their customers are located. 
D) are restricted in the types of promotion they can use. 
E) have more difficulty in estimating customers' purchase potentials. 
A) do not need to select target markets. 
B) have an enormous amount of information available concerning potential customers. 
C) have more difficulty in determining where their customers are located. 
D) are restricted in the types of promotion they can use. 
E) have more difficulty in estimating customers' purchase potentials.

Question 12

How do a firm's objectives affect the business buying decision process?

Accepted Answer

A firm's objectives significantly influe

Question 13

Raython Hardware and Thames Industrial Supplier have worked closely for many years and have a mutually beneficial relationship in which Raython provides all of Thames's hardware needs in a timely manner.Raython and Thames's relationship could be best characterized as a(n)

Accepted Answer

A) reciprocity agreement. 
B) partnership. 
C) intra-organizational group. 
D) alliance. 
E) tying arrangement. 
A) reciprocity agreement. 
B) partnership. 
C) intra-organizational group. 
D) alliance. 
E) tying arrangement.

Question 14

Orders placed by business customers are usually smaller and more numerous than consumer sales.

Accepted Answer

A) True 
 B)False

Question 15

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.

Accepted Answer

A) descriptions 
B) inspections 
C) a sampling 
D) specifications 
E) reputations 
A) descriptions 
B) inspections 
C) a sampling 
D) specifications 
E) reputations

Question 16

Reseller markets consist of intermediaries that buy finished goods and resell them for profit.

Accepted Answer

A) True 
 B)False

Question 17

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.

Accepted Answer

A) True 
 B)False

Question 18

Bob Denton of Denton Pest Control buys equipment from Allied Tools because Allied hires him to spray its warehouse for insects periodically.This practice is an example of

Accepted Answer

A) cost-benefit trading. 
B) cooperative selling. 
C) reciprocity. 
D) supplier agreements. 
E) modified rebuy purchase. 
A) cost-benefit trading. 
B) cooperative selling. 
C) reciprocity. 
D) supplier agreements. 
E) modified rebuy purchase.

Question 19

An accountant who purchases software for maintaining clients' books is an example of a buyer in a(n)____ market.

Accepted Answer

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

Question 20

The old Standard Industrial Classification system is more comprehensive than NAICS.

Accepted Answer

A) True 
 B)False

Compared with the SIC system,the North American Industry Classification System (NAICS)will

When trying to estimate the purchases of a potential business customer,it is reasonable to suppose that there is a relationship between the size of the potential customer's purchases and a variable such as the number of personnel employed by the customer.

Business purchasing agents may indirectly contribute to the satisfaction of their own personal needs by helping their firms achieve organizational objectives.

Pi Delta Mu sorority purchases food in bulk to feed its members living in the house.This means it is part of a(n)____ market.

In what ways can an industrial classification system be used by business marketers to analyze target markets?

Inelastic demand simply means that

If a business product exceeds specifications,so much the better;the customer can then be assured of obtaining a minimum level of acceptability.

A friend of yours starts his own business.He would like to expand his client base to include the government,but he believes his small business would be ignored.Based on your knowledge from the text,you tell him

A disadvantage of reciprocity is that it can lead to

Compared with consumer goods,marketers aiming at business customers

How do a firm's objectives affect the business buying decision process?

Raython Hardware and Thames Industrial Supplier have worked closely for many years and have a mutually beneficial relationship in which Raython provides all of Thames's hardware needs in a timely manner.Raython and Thames's relationship could be best characterized as a(n)

Orders placed by business customers are usually smaller and more numerous than consumer sales.

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.

Reseller markets consist of intermediaries that buy finished goods and resell them for profit.

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.

Bob Denton of Denton Pest Control buys equipment from Allied Tools because Allied hires him to spray its warehouse for insects periodically.This practice is an example of

An accountant who purchases software for maintaining clients' books is an example of a buyer in a(n)____ market.

The old Standard Industrial Classification system is more comprehensive than NAICS.

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

Compared with the SIC system,the North American Industry Classification System (NAICS)will

When trying to estimate the purchases of a potential business customer,it is reasonable to suppose that there is a relationship between the size of the potential customer's purchases and a variable such as the number of personnel employed by the customer.

Business purchasing agents may indirectly contribute to the satisfaction of their own personal needs by helping their firms achieve organizational objectives.

Pi Delta Mu sorority purchases food in bulk to feed its members living in the house.This means it is part of a(n)____ market.

In what ways can an industrial classification system be used by business marketers to analyze target markets?

Inelastic demand simply means that

If a business product exceeds specifications,so much the better;the customer can then be assured of obtaining a minimum level of acceptability.

A friend of yours starts his own business.He would like to expand his client base to include the government,but he believes his small business would be ignored.Based on your knowledge from the text,you tell him

A disadvantage of reciprocity is that it can lead to

Compared with consumer goods,marketers aiming at business customers

How do a firm's objectives affect the business buying decision process?

Raython Hardware and Thames Industrial Supplier have worked closely for many years and have a mutually beneficial relationship in which Raython provides all of Thames's hardware needs in a timely manner.Raython and Thames's relationship could be best characterized as a(n)

Orders placed by business customers are usually smaller and more numerous than consumer sales.

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.

Reseller markets consist of intermediaries that buy finished goods and resell them for profit.

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.

Bob Denton of Denton Pest Control buys equipment from Allied Tools because Allied hires him to spray its warehouse for insects periodically.This practice is an example of

An accountant who purchases software for maintaining clients' books is an example of a buyer in a(n)____ market.

The old Standard Industrial Classification system is more comprehensive than NAICS.

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