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

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.

Accepted Answer

A) gatekeepers 
B) influencers 
C) users 
D) buyers 
E) controllers 
A) gatekeepers 
B) influencers 
C) users 
D) buyers 
E) controllers

Question 3

____ is(are) a major threat to the sales success of jointly demanded products.

Accepted Answer

A) Price changes 
B) Shortages 
C) Economic instability 
D) Inventory buildup 
E) Proliferation of brands 
A) Price changes 
B) Shortages 
C) Economic instability 
D) Inventory buildup 
E) Proliferation of brands

Question 4

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

Accepted Answer

A) homogeneous selection. 
B) description. 
C) trust. 
D) negotiated inspection. 
E) sampling. 
A) homogeneous selection. 
B) description. 
C) trust. 
D) negotiated inspection. 
E) sampling.

Question 5

NAICS provides less information about service industries and high-tech products than did the SIC system.

Accepted Answer

A) True 
 B)False

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. Which of the following groups should Samsung not include in its buying center for the new equipment?

Accepted Answer

A) Purchasing agents at Samsung 
B) Eventual users within Samsung 
C) Potential future Samsung customers 
D) Gatekeepers within Samsung 
E) Senior managers at Samsung 
A) Purchasing agents at Samsung 
B) Eventual users within Samsung 
C) Potential future Samsung customers 
D) Gatekeepers within Samsung 
E) Senior managers at Samsung

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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.

Accepted Answer

A) corporate 
B) government 
C) institutional 
D) producer 
E) nonprofit 
A) corporate 
B) government 
C) institutional 
D) producer 
E) nonprofit

Question 9

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

Accepted Answer

A) Negotiation 
B) Sampling 
C) Description 
D) Inspection 
E) Homogeneous selection 
A) Negotiation 
B) Sampling 
C) Description 
D) Inspection 
E) Homogeneous selection

Question 10

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

Accepted Answer

A) retailers, wholesalers, services, and nonprofit firms. 
B) producer, manufacturer, reseller, and government. 
C) producer, reseller, government, and institutional. 
D) manufacturer, wholesaler, retailer, and services. 
E) reseller, retailer, government, and institutional. 
A) retailers, wholesalers, services, and nonprofit firms. 
B) producer, manufacturer, reseller, and government. 
C) producer, reseller, government, and institutional. 
D) manufacturer, wholesaler, retailer, and services. 
E) reseller, retailer, government, and institutional.

Question 11

Raw materials are especially affected by joint demand.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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 14

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 15

Safeway Supermarkets recently placed an order with the Kahn Corporation for hotdogs. The typical weekly order is for 10 cases; however, since the upcoming weekend includes a holiday, this time Safeway is ordering 100 cases of hotdogs. Safeway orders this product on a regular basis. What type of purchase does this week's purchase represent?

Accepted Answer

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

Question 16

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 17

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.

Accepted Answer

A) cost 
B) value 
C) profit 
D) strategic 
E) SWOT 
A) cost 
B) value 
C) profit 
D) strategic 
E) SWOT

Question 18

Volkswagen purchases upholstery for the interiors of its vehicles from various suppliers. This upholstery must have a set of characteristics that is expressed by Volkswagen. This set is called

Accepted Answer

A) descriptions. 
B) product features. 
C) criterion. 
D) purchase requests. 
E) specifications. 
A) descriptions. 
B) product features. 
C) criterion. 
D) purchase requests. 
E) specifications.

Question 19

The state of Montana is preparing to buy a large quantity of frozen orange juice for use in a large school district. Citrus Sweet, Inc. is in the citrus juice business but has never sold to the government market. To have a chance at getting this order, Citrus Sweet's first step must be to get her firm to

Accepted Answer

A) make a presentation appointment with the state. 
B) quote prices to the purchasing department. 
C) advertise in the capital city. 
D) negotiate with the state. 
E) secure a slot on the list of qualified bidders. 
A) make a presentation appointment with the state. 
B) quote prices to the purchasing department. 
C) advertise in the capital city. 
D) negotiate with the state. 
E) secure a slot on the list of qualified bidders.

Question 20

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?

Accepted Answer

A) Resale 
B) Wholesale 
C) Customer 
D) Consumer 
E) Business 
A) Resale 
B) Wholesale 
C) Customer 
D) Consumer 
E) Business

Institutional markets are

____ is(are) a major threat to the sales success of jointly demanded products.

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

NAICS provides less information about service industries and high-tech products than did the SIC system.

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

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.

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

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

Raw materials are especially affected by joint demand.

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

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.

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

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.

Volkswagen purchases upholstery for the interiors of its vehicles from various suppliers. This upholstery must have a set of characteristics that is expressed by Volkswagen. This set is called

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?

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

____ is(are) a major threat to the sales success of jointly demanded products.

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

NAICS provides less information about service industries and high-tech products than did the SIC system.

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

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.

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

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

Raw materials are especially affected by joint demand.

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

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.

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

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.

Volkswagen purchases upholstery for the interiors of its vehicles from various suppliers. This upholstery must have a set of characteristics that is expressed by Volkswagen. This set is called

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?

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