Exam 8: Business Markets and Buying Behavior

Sometimes initial demand for a business product will drop following a price cut if buyers believe that further price reductions are forthcoming.

The stages of the business buying decision process, in order, are

The United States Navy purchases uniforms from a single supplier. For the last twenty-five years, the trousers purchased from this supplier have not changed and have been bought every six months, in seven different sizes. This example is called a

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

Motorola buys silicone which is used in its chip-making process. Motorola produces microchips for use within a wide variety of products for other firms, such as Ford, GM and Samsung. Motorola is a buyer in a(n) ____ market.

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

Compared with the SIC system, the North American Industry Classification System (NAICS) will

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

The five-stage business buying decision process is used primarily for routine, straight rebuy purchases.

Reseller markets consist of intermediaries that buy finished goods and resell them for profit.

Inelastic demand in business markets refers to a situation where

​You recently raised your prices on the products you sell to your business customers. To your surprise, these customers did not change the amount of units they purchase from you. It was as if the price increase did not matter to these customers. Which of the following types of business demand most accurately describes this situation?

When trying to estimate the purchases of a potential business customer, it is reasonable to suppose that there is a relationship between the size of the potential customer's purchases and a variable such as the number of personnel employed by the customer.

Christy Bridgman is considering the purchase of a new fax machine for her real estate office. She is considering a machine that doesn't have as many functions but is available at a considerably lower price than her current machine. She is engaged in ____ analysis.

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

​Businesses follow a defined buying decision process in order to ensure the goods and services they purchase will meet their organization's needs. The process has multiple stages, and in one of the stages the business will evaluate each component of potential purchase. This includes evaluating the quality, design, materials and any other relevant aspect of the purchase. This evaluation takes place in which of the following stages of the business buying decision process?

Jason owns a small landscaping business called GreenScapes. When buying a new pickup truck for his landscaping business, Jason negotiated with Palmetto Dodge, a dealer, with the agreement that GreenScapes would be the service company Palmetto Dodge used for all of its landscaping needs. This is an example of

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

​The North American Industry Classification System (NAICS) is based on the types of ______________ performed. It divides industrial activity into _______ sectors.

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