Question 1

Which of the following is one of the roles typically played by individuals in a buying center?

Accepted Answer

A)  liaison 
B)  motivator 
C)  communicator 
D)  negotiator 
E)  gatekeeper 
A)  liaison 
B)  motivator 
C)  communicator 
D)  negotiator 
E)  gatekeeper

Question 2

Marriott Resorts and Hotels, Royal Cruise Line, and Santa Fe Railway Company are part of the _____ market.

Accepted Answer

A)  services 
B)  reseller 
C)  retail 
D)  SIC 
E)  nonprofit 
A)  services 
B)  reseller 
C)  retail 
D)  SIC 
E)  nonprofit

Question 3

Fire extinguishers, file cabinets, and forklifts are all examples of products sold on the horizontal business market.

Accepted Answer

A) True 
 B)False

Question 4

If a manufacturer of wooden pallets, buys a truckload of lumber for $200 and sells the pallets for $450, what is the value added by the wood pallet manufacturer?

Accepted Answer

A)  $200 
B)  $250 
C)  $400 
D)  $650 
E)  cannot be determined without knowing all fixed and variable costs 
A)  $200 
B)  $250 
C)  $400 
D)  $650 
E)  cannot be determined without knowing all fixed and variable costs

Question 5

If the price of cadmium were to increase by 25 percent, it would have little effect on demand for personal computers because the cost of the cadmium is a very small portion of the total cost of the personal computer. This is an example of _____ demand.

Accepted Answer

A)  inelastic 
B)  negotiated 
C)  fluctuating 
D)  reciprocal 
E)  elastic 
A)  inelastic 
B)  negotiated 
C)  fluctuating 
D)  reciprocal 
E)  elastic

Question 6

The business market includes:

Accepted Answer

A)  the Mayo Clinic. 
B)  Target superstores. 
C)  Federal Express. 
D)  Boston College. 
E)  all of the above. 
A)  the Mayo Clinic. 
B)  Target superstores. 
C)  Federal Express. 
D)  Boston College. 
E)  all of the above.

Question 7

A supply chain approach to marketing views the activity as a series of links between buyers and sellers.

Accepted Answer

A) True 
 B)False

Question 8

Norske Skog is a global supplier of publication paper with mills and sales offices on five continents. The Norwegian company's core business is newsprint and magazine paper for its 2,300 customers worldwide. It has a partnership with many of its customers and develops special paper grades in co-operation with its customers. Sarah DeJohn, its chief executive, announced the company would be downsizing in 2003 due to falling demand for paper. (Demand for publication paper is affected by economic activity in the market and printed media advertising revenue.)
-As magazine and newspaper publishers earn less advertising revenue, they are working down their inventory stock of paper because it seems the economy is in a downturn. When the economy turns around, these same companies will more than likely stockpile publication paper. This activity is explained by the:

Accepted Answer

A)  equity theory 
B)  acceleration principle 
C)  80/20 principle 
D)  iceberg principle 
E)  theory of economic activity 
A)  equity theory 
B)  acceleration principle 
C)  80/20 principle 
D)  iceberg principle 
E)  theory of economic activity

Question 9

When the Huntsville Police Department replaced its photo developing equipment with new equipment guaranteed to take the fuzz out of photos, the purchase was an example of a _____ buy class.

Accepted Answer

A)  specialty 
B)  straight rebuy 
C)  reciprocal 
D)  modified rebuy 
E)  new-task buying 
A)  specialty 
B)  straight rebuy 
C)  reciprocal 
D)  modified rebuy 
E)  new-task buying

Question 10

The revenue generated by Stone Mountain Park is less than many people believe it can be. The people responsible for operating the state-owned facility want to make the park more profitable In terms of the buying decision process, the operators of Stone Mountain Park are in the _____ stage.

Accepted Answer

A)  purchase decision 
B)  need recognition 
C)  alternative evaluation 
D)  alternative identification 
E)  prepurchase patronage 
A)  purchase decision 
B)  need recognition 
C)  alternative evaluation 
D)  alternative identification 
E)  prepurchase patronage

Question 11

Lithuanian currency is printed by U.S. Banknote especially for that former Soviet state. It is an example of product that has a _____ business market.

Accepted Answer

The answer of Lithuanian currency is printed by U.S. Banknote...

Question 12

_____ is the term used to describe how certain traditional intermediaries are being replaced in Internet-based selling.

Accepted Answer

A)  ISP distribution 
B)  Disintermediation 
C)  Network-based channel control 
D)  Internet marketing integration system (IMIS) 
E)  Internet marketing distribution (IM
D)  
A)  ISP distribution 
B)  Disintermediation 
C)  Network-based channel control 
D)  Internet marketing integration system (IMIS) 
E)  Internet marketing distribution (IM
D)

Question 13

_____ is the dollar value of a firm's output minus the value of the inputs it purchased from other firms.

Accepted Answer

A)  Marginal revenue 
B)  Value added 
C)  Net value 
D)  Residual value 
E)  Net profit 
A)  Marginal revenue 
B)  Value added 
C)  Net value 
D)  Residual value 
E)  Net profit

Question 14

A buying center includes people who act in the roles of decider, motivator, influencer, communicator, user, and gatekeeper.

Accepted Answer

A) True 
 B)False

Question 15

The Mobile city government wants to buy a new security system for its courthouse. It is at the evaluation of alternatives stage of the buying-decision process. In its evaluation, it should consider:

Accepted Answer

A)  price. 
B)  product performance of the various systems it is looking at. 
C)  the ability of each of the possible suppliers to meet delivery schedules. 
D)  after-sale service. 
E)  all of the above. 
A)  price. 
B)  product performance of the various systems it is looking at. 
C)  the ability of each of the possible suppliers to meet delivery schedules. 
D)  after-sale service. 
E)  all of the above.

Question 16

The North American Industry Classification System (NAICS):

Accepted Answer

A)  was in use before the Standard Industrial Classification (SI
C)  code was developed. 
B)  has been jointly adopted by all countries in the Western Hemisphere. 
C)  uses a numeric system that indicates geographic locations of businesses. 
D)  has 20 industry sectors instead of 10 like the SIC code. 
E)  indicates the diversity of a multiproduct company with its system. 
A)  was in use before the Standard Industrial Classification (SI
C)  code was developed. 
B)  has been jointly adopted by all countries in the Western Hemisphere. 
C)  uses a numeric system that indicates geographic locations of businesses. 
D)  has 20 industry sectors instead of 10 like the SIC code. 
E)  indicates the diversity of a multiproduct company with its system.

Question 17

How does the business market differ from the consumer market?

Accepted Answer

A)  Participants in the consumer market are much better informed than those in the business market. 
B)  Demand in the consumer market is derived. 
C)  Demand in the consumer market is widely fluctuating. 
D)  Demand in the business market tends to be inelastic. 
E)  None of the above describe ways in which the business market differs from the consumer market. 
A)  Participants in the consumer market are much better informed than those in the business market. 
B)  Demand in the consumer market is derived. 
C)  Demand in the consumer market is widely fluctuating. 
D)  Demand in the business market tends to be inelastic. 
E)  None of the above describe ways in which the business market differs from the consumer market.

Question 18

Which of the following statements about the international market for business goods is True?

Accepted Answer

A)  Only large U.S. firms are involved in the international market. 
B)  Nationalistic movements have caused English to become less important as a commercial language. 
C)  The size of the market has been declining since 1980. 
D)  Fax machines and toll-free numbers have had a positive effect on the growth of the international market. 
E)  The biggest recent growth product in the international market is earthmoving equipment. 
A)  Only large U.S. firms are involved in the international market. 
B)  Nationalistic movements have caused English to become less important as a commercial language. 
C)  The size of the market has been declining since 1980. 
D)  Fax machines and toll-free numbers have had a positive effect on the growth of the international market. 
E)  The biggest recent growth product in the international market is earthmoving equipment.

Question 19

A _____ _____ includes the people who assume the roles of users, influencers, deciders, buyers, and  gatekeepers.

Accepted Answer

The answer of A _____ _____ includes the people who...

Question 20

As the receptionist for Wakefield Engineering Company, Devin follows orders by not allowing salespeople to see any of the company's managers before lunch. Which role in the buying center is Devin clearly assuming?

Accepted Answer

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

Exam 5: Business Markets and Buying Behavior

Which of the following is one of the roles typically played by individuals in a buying center?

Marriott Resorts and Hotels, Royal Cruise Line, and Santa Fe Railway Company are part of the _____ market.

Fire extinguishers, file cabinets, and forklifts are all examples of products sold on the horizontal business market.

If a manufacturer of wooden pallets, buys a truckload of lumber for $200 and sells the pallets for $450, what is the value added by the wood pallet manufacturer?

If the price of cadmium were to increase by 25 percent, it would have little effect on demand for personal computers because the cost of the cadmium is a very small portion of the total cost of the personal computer. This is an example of _____ demand.

The business market includes:

A supply chain approach to marketing views the activity as a series of links between buyers and sellers.

When the Huntsville Police Department replaced its photo developing equipment with new equipment guaranteed to take the fuzz out of photos, the purchase was an example of a _____ buy class.

The revenue generated by Stone Mountain Park is less than many people believe it can be. The people responsible for operating the state-owned facility want to make the park more profitable In terms of the buying decision process, the operators of Stone Mountain Park are in the _____ stage.

Lithuanian currency is printed by U.S. Banknote especially for that former Soviet state. It is an example of product that has a _____ business market.

_____ is the term used to describe how certain traditional intermediaries are being replaced in Internet-based selling.

_____ is the dollar value of a firm's output minus the value of the inputs it purchased from other firms.

A buying center includes people who act in the roles of decider, motivator, influencer, communicator, user, and gatekeeper.

The Mobile city government wants to buy a new security system for its courthouse. It is at the evaluation of alternatives stage of the buying-decision process. In its evaluation, it should consider:

The North American Industry Classification System (NAICS):

How does the business market differ from the consumer market?

Which of the following statements about the international market for business goods is True?

A _____ _____ includes the people who assume the roles of users, influencers, deciders, buyers, and gatekeepers.

As the receptionist for Wakefield Engineering Company, Devin follows orders by not allowing salespeople to see any of the company's managers before lunch. Which role in the buying center is Devin clearly assuming?

The Field of Marketing

The Dynamic Marketing Environment

Global Markets and Marketing

Consumer Markets and Buying Behavior

Marketing Research and Market Information

Product Planning and Development

Product-Mix Strategies

Brands, Packaging, and Other Product Features

Services Marketing

Price Determination

Pricing Strategies

Channels of Distribution

Retailing

Wholesaling and Physical Distribution

Integrated Marketing Communications

Personal Selling and Sales Management

Advertising, Sales Promotion, and Public Relations

Strategic Marketing Planning

Marketing Implementation and Evaluation

Marketing and the Information Economy

Market Segmentation Targeting and Positioning

Filters

A _ _ includes the people who assume the roles of users, influencers, deciders, buyers, and gatekeepers.