Exam 8: Business Markets and Buying Behavior

After deciding to order replacement parts for aging machinery, the buyer for a construction company examines catalogs and trade publications looking for these parts. The buyer is at which stage in the business buying decision process?

Buyers in producer markets purchase either raw materials or semifinished products.

The demand for many business products is inelastic at the industry level.

Product specifications are best described as

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 sells to the individual dealers, they would be considered which of the following business types?

Demand for business products is characterized as derived. From what is the demand derived?

Compare and contrast the consumer buying decision process and the business buying decision process.

Retailers like Target and Kmart are considered to be members of which business market?

The old Standard Industrial Classification system is more comprehensive than NAICS.

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. Given the type of business market in which Precision Brake is currently operating, which group would it be least likely to sell to?

​When marketing to business customers, marketers have to understand the key characteristics of the business customer, and alter their marketing mix accordingly. For example, a business customer views _________ as the amount of investment necessary to obtain a desired level of return or savings. Moreover, the business customer demand ______________ before buying to be sure their needs are being met with the product.

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

____ analysis is a systematic evaluation of current and potential suppliers that focuses on many dimensions including price, product quality, delivery service, product dependability, and overall company reliability.

What are the major advantages of the North American Industry Classification System (NAICS) compared to the Standard Industrial Classification (SIC) system?

All of the following describe the demand for business products except

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

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?

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

​Which of the following entities is part of the buying center?