Exam 8: Business Markets and Buying Behavior

The third stage in the business buying decision process is to

An example of a business market would be farmers.

When purchasing products, business customers are especially concerned about quality, service, price, and supplier relationships.

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?

One very important consideration for business purchases is the type of packaging used.

Individuals and business organizations that buy finished goods and resell them to make a profit without changing the physical characteristics of the product are classified as ____ markets.

Compare and contrast the three major types of purchases made by business customers.

The factors that influence business buying behavior are the same as those that influence consumer buying behavior.

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

In placing a tire order with Michelin, South Side Industrial Supply finds that the truck tires it is ordering have increased $37.50 in price since the last order. South Side proceeds with the order, confident that it can pass on the price increase to future customers. This is an example of business products having ____ demand.

Which of the following products is most likely to be purchased on the basis of contract negotiation?

Industrial classification systems allow marketers to divide business customers into groups based mainly on the types of goods and services provided.

Input-output analysis is most likely to yield what type of information?

St. Jude's Hospital decides to redo its kitchen with new flooring, cabinets, counters, and appliances. The hospital compiles a description of the project and then asks sellers to submit bids. After determining the most attractive bids, the hospital will then work with two or three companies to determine who will get the contract. This is an example of using ____ for a purchase decision.

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.

How do individual factors affect the business buying decision process?

All companies, no matter what their size or market position, maintain only one buying center.

A major source of input-output data is the Survey of Current Business.

What are the four major types of business markets, and what are the characteristics of each?

Your university has decided to purchase new computers for all of the computer labs on campus. Typically, the purchasing agent negotiates with manufacturers and makes the decision on what to buy. However, for this purchase he as asked members of the student senate to give input on the purchase decision. In this instance, the student senate would be acting as a(n) ____, while the purchasing agent is a(an) ______.