Question 1

Individual influencing factors refer to

Accepted Answer

A) relationships among those in the firm's buying center. 
B) uncontrollable environmental forces. 
C) the power an individual controls in the buying center. 
D) personal characteristics of individuals in the buying center. 
E) activities of suppliers. 
A) relationships among those in the firm's buying center. 
B) uncontrollable environmental forces. 
C) the power an individual controls in the buying center. 
D) personal characteristics of individuals in the buying center. 
E) activities of suppliers.

Question 2

Which method of business buying is most likely to be used when the products being purchased are standardized based on certain characteristics?

Accepted Answer

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

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Government markets, although complicated in their requirements, can be very lucrative.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following statements about reseller markets is false?

Accepted Answer

A) Resellers are concerned with the level of demand for the product. 
B) Resellers are not concerned with how much space the product takes up as long as it has a high price. 
C) Resellers want producers to be able to supply adequate quantities of the product. 
D) Resellers are concerned with the availability of technical and promotional assistance from the producer. 
E) Resellers are concerned with the markup percentage they can get on the product. 
A) Resellers are concerned with the level of demand for the product. 
B) Resellers are not concerned with how much space the product takes up as long as it has a high price. 
C) Resellers want producers to be able to supply adequate quantities of the product. 
D) Resellers are concerned with the availability of technical and promotional assistance from the producer. 
E) Resellers are concerned with the markup percentage they can get on the product.

Question 6

Because retailers have to be concerned with product selection, price, and space, they often evaluate products on the basis of

Accepted Answer

A) their markup. 
B) sales per square foot of selling area. 
C) how many of the product they can fit in a certain amount of space. 
D) profit per dollar of selling price. 
E) the reliability of the supplier. 
A) their markup. 
B) sales per square foot of selling area. 
C) how many of the product they can fit in a certain amount of space. 
D) profit per dollar of selling price. 
E) the reliability of the supplier.

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

In its purchase of desktop business computers, Albertson's asked that potential suppliers provide information only on units with 8GB of memory. As Albertson's management evaluates this purchase, it finds that 8GB is inadequate for many of the software programs used at Albertson's. In this instance, the firm would need to modify which aspect of the purchase process?

Accepted Answer

A) Searching 
B) Specification development 
C) Alternative evaluation 
D) Selection 
E) Performance evaluation 
A) Searching 
B) Specification development 
C) Alternative evaluation 
D) Selection 
E) Performance evaluation

Question 9

____ buy products from manufacturers and then resell the products to other firms in the distribution system.

Accepted Answer

A) Retailers 
B) Producers 
C) Distributors 
D) Warehouses 
E) Wholesalers 
A) Retailers 
B) Producers 
C) Distributors 
D) Warehouses 
E) Wholesalers

Question 10

Discuss the differences between business and consumer transactions.

Accepted Answer

The answer of Discuss the differences between business and consumer...

Question 11

Industrial demand derives from consumer demand.

Accepted Answer

A) True 
 B)False

Question 12

The three purposes for which individuals or groups can use products in order for it to be considered a business market are

Accepted Answer

A) use in daily operations, end consumption, and resale. 
B) direct use in producing other products, company travel, and end consumption. 
C) resale, use in daily operations, and direct use in producing other products. 
D) governmental, institutional, and reseller purposes. 
E) making other products, selling to other businesses, making component parts. 
A) use in daily operations, end consumption, and resale. 
B) direct use in producing other products, company travel, and end consumption. 
C) resale, use in daily operations, and direct use in producing other products. 
D) governmental, institutional, and reseller purposes. 
E) making other products, selling to other businesses, making component parts.

Question 13

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

Accepted Answer

A firm's objectives significantly influe

Question 14

Which type of business market tends to have the most complex buying procedures?

Accepted Answer

A) Reseller 
B) Institutional 
C) Retailer 
D) Government 
E) Producer 
A) Reseller 
B) Institutional 
C) Retailer 
D) Government 
E) Producer

Question 15

The second stage in the business buying decision process is to

Accepted Answer

A) search for products and suppliers. 
B) select the most appropriate product. 
C) develop product specifications. 
D) evaluate product and supplier performance. 
E) recognize the problem. 
A) search for products and suppliers. 
B) select the most appropriate product. 
C) develop product specifications. 
D) evaluate product and supplier performance. 
E) recognize the problem.

Question 16

What are some of the major concerns of business customers in making purchase decisions?

Accepted Answer

The answer of What are some of the major concerns...

Question 17

The increase in government purchases has resulted partly from the increase in the number of services provided by the government.

Accepted Answer

A) True 
 B)False

Question 18

Vendor analysis is a formal, systematic evaluation of current and potential vendors that focuses on a variety of dimensions including price, product quality, delivery service, product availability, and overall company reliability.

Accepted Answer

A) True 
 B)False

Question 19

All of the following are important concerns of business customers except

Accepted Answer

A) achieving a specific level of quality in the products offered to target markets. 
B) obtaining a level of quality that meets specifications. 
C) obtaining products that exceed specifications to ensure the best possible product performance. 
D) obtaining products for which the quality level is consistent. 
E) supporting customers with services they expect. 
A) achieving a specific level of quality in the products offered to target markets. 
B) obtaining a level of quality that meets specifications. 
C) obtaining products that exceed specifications to ensure the best possible product performance. 
D) obtaining products for which the quality level is consistent. 
E) supporting customers with services they expect.

Question 20

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

Accepted Answer

A) True 
 B)False

Individual influencing factors refer to

Which method of business buying is most likely to be used when the products being purchased are standardized based on certain characteristics?

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

Government markets, although complicated in their requirements, can be very lucrative.

Which of the following statements about reseller markets is false?

Because retailers have to be concerned with product selection, price, and space, they often evaluate products on the basis of

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

____ buy products from manufacturers and then resell the products to other firms in the distribution system.

Discuss the differences between business and consumer transactions.

Industrial demand derives from consumer demand.

The three purposes for which individuals or groups can use products in order for it to be considered a business market are

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

Which type of business market tends to have the most complex buying procedures?

The second stage in the business buying decision process is to

What are some of the major concerns of business customers in making purchase decisions?

The increase in government purchases has resulted partly from the increase in the number of services provided by the government.

Vendor analysis is a formal, systematic evaluation of current and potential vendors that focuses on a variety of dimensions including price, product quality, delivery service, product availability, and overall company reliability.

All of the following are important concerns of business customers except

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

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

Individual influencing factors refer to

Which method of business buying is most likely to be used when the products being purchased are standardized based on certain characteristics?

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

Government markets, although complicated in their requirements, can be very lucrative.

Which of the following statements about reseller markets is false?

Because retailers have to be concerned with product selection, price, and space, they often evaluate products on the basis of

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

____ buy products from manufacturers and then resell the products to other firms in the distribution system.

Discuss the differences between business and consumer transactions.

Industrial demand derives from consumer demand.

The three purposes for which individuals or groups can use products in order for it to be considered a business market are

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

Which type of business market tends to have the most complex buying procedures?

The second stage in the business buying decision process is to

What are some of the major concerns of business customers in making purchase decisions?

The increase in government purchases has resulted partly from the increase in the number of services provided by the government.

Vendor analysis is a formal, systematic evaluation of current and potential vendors that focuses on a variety of dimensions including price, product quality, delivery service, product availability, and overall company reliability.

All of the following are important concerns of business customers except

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

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