Exam 8: Business Markets and Buying Behavior

When charitable organizations such as the American Cancer Society,Second Harvest Foodbank,and the Red Cross make purchases for goods and services to use in their daily operations,they would be considered to be _______ buyers.

Demand for a business product is ____ when two or more items are used in combination to produce a product.

In a buying center,purchasing agents or purchasing managers are also known as

Business markets are typically divided into four categories.These categories are

The four categories of consumer markets are producer,reseller,government,and institutional.

A representative from Coca-Cola stops by at a local fast-food restaurant once a month to inquire how much soft drink syrup the store will need.The restaurant's orders are an example of which type of business purchase?

Scenario 8.2 Use the following to answer the questions. Precision Brake Company is a supplier of brake components to the manufacturers of lawn tractors and 4-wheel ATV's.It also sells its products to independent repair centers,dealers,and other wholesalers in the northeast and southern states.Precision Brake has done research on the demand for lawn tractors and found that most manufacturers are in the states of Kentucky,Tennessee,and Alabama.Research also shows that most of the dealers who sell directly to individual consumers are in the midwestern states,while dealers who sell to small business landscaping companies tend to be located in the northeastern states.Company executives are considering expansion of its distribution to markets in the Midwest. -Refer to Scenario 8.2.When Precision Brake's sales team calls on tractor manufacturing companies,the meetings typically include the engineers who design the tractors.In this situation,the engineers would most likely be considered to be ____,part of the buying center.

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.

Value analysis focuses primarily on the examination of the cost of products relative to design,quality,and materials used.

For business products,the concept of inelasticity of demand applies equally to industry demand for the product and to demand for an individual supplier.

In the buying decision process,one of the activities included in the search for products and suppliers is examining catalogs and trade publications.

When a business is making its initial purchase of an item to be used to perform a new job,it is known as a ____ purchase.

Demand for business products is also known as ____ demand.

A(n)____________________ market consists of individuals or groups that purchase products for resale,use in production,or daily operations.

What is derived demand?

Price is of concern to a business marketer primarily because of its psychological impact on purchasing agents.

Reciprocal dealing is widespread because it is one of the few avenues not regulated by the FTC,and it facilitates optimal purchases.

In the long run,business demand becomes totally unrelated to consumer demand.

Interpersonal dynamics are easy to observe and simple for the marketer to assess.

The stages of the business buying decision process,in order,are