Question 1

The NAICS classification system is a useful tool for segmenting business markets by demographic characteristics.

Accepted Answer

A) True 
 B)False

Question 2

Resellers are marketing intermediaries who mostly buy finished goods and resell them for a profit.Their business structure means that they must consider several factors when deciding which products to buy.Which of the following factors is a reseller least likely to consider? ​

Accepted Answer

A) ​the level of demand for the product 
B) ​storage space required for the product 
C) ​the sales tax that must be charged on the product 
D) ​how the product fits within the product mix of the reseller's other products 
E) ​the availability of technical assistance and training programs related to the product 
A) ​the level of demand for the product 
B) ​storage space required for the product 
C) ​the sales tax that must be charged on the product 
D) ​how the product fits within the product mix of the reseller's other products 
E) ​the availability of technical assistance and training programs related to the product

Question 3

Competitive bidding is more common in the business sector compared to consumer markets.

Accepted Answer

A) True 
 B)False

Question 4

The buyer has the formal authority to select a supplier and to implement the procedures for securing the good or service.
Indicate the answer choice that best completes the statement or answers the question.

Accepted Answer

A) True 
 B)False

Question 5

Match each item with the correct statement below.
-_____ is the process of dividing a B2B market into groups on the basis of their size,sales revenues,or number of employees.

Accepted Answer

A) merchandisers 
B) trade industries 
C) remanufacturing 
D) nearshoring 
E) end-use application segmentation
F)global sourcing
G)joint demand
H)inelastic demand
I)outsourcing
J)value analysis
K)gatekeeper
L)commercial market
M)reciprocity
N)vendor analysis
O)category advisor
P)modified rebuy
Q)demographic characteristics based segmentation
R)influencers
S)buyer
T)customer-based segmentation 
A) merchandisers 
B) trade industries 
C) remanufacturing 
D) nearshoring 
E) end-use application segmentation
F)global sourcing
G)joint demand
H)inelastic demand
I)outsourcing
J)value analysis
K)gatekeeper
L)commercial market
M)reciprocity
N)vendor analysis
O)category advisor
P)modified rebuy
Q)demographic characteristics based segmentation
R)influencers
S)buyer
T)customer-based segmentation

Question 6

Global sourcing involves contracting with suppliers from around the world to purchase goods and services.

Accepted Answer

A) True 
 B)False

Question 7

The system for grouping businesses that grew out of the NAFTA accord is known as the:

Accepted Answer

A) Standard Industrial Classification System. 
B) Industrial Data Records System. 
C) International Organization for Standardization of Business. 
D) North American Industry Classification System. 
A) Standard Industrial Classification System. 
B) Industrial Data Records System. 
C) International Organization for Standardization of Business. 
D) North American Industry Classification System.

Question 8

Horch is the biggest manufacturer of consumer goods in Germany.The company segments its business customers into new and existing customer groups based on the stage of relationship between the company and the customer.This helps the company develop different strategies for newly acquired customers and existing customers,who are interested in making repeat purchases.Which of the following segmentation approaches is being used by Horch in the above scenario?

Accepted Answer

A) Segmentation by customer type 
B) Segmentation by purchase categories 
C) Segmentation by end-use application 
D) Segmentation by demographic characteristics 
A) Segmentation by customer type 
B) Segmentation by purchase categories 
C) Segmentation by end-use application 
D) Segmentation by demographic characteristics

Question 9

Which of the following components of B2B market includes all individuals and firms that acquire goods and services to support production of other goods and services?

Accepted Answer

A) Stock exchanges 
B) Commercial markets 
C) Governmental organizations 
D) Financial institutions 
A) Stock exchanges 
B) Commercial markets 
C) Governmental organizations 
D) Financial institutions

Question 10

Tiffany is the purchasing manager for electronic components that are kept in inventory for a large electrical contracting company.Tiffany sources most of these items from Fastenal and is thrilled with their ability to help her maintain the appropriate level of inventory for the various items.Fastenal has a computer system to assist Tiffany with her forecasting and can identify items that are "slow moving" or "fast moving"meaning that there are some items that are used more frequently than others.Fastenal has also helped Tiffany to identify the inventory levels when reorders should be placed so that she's never out-of-stock in any items.Which stage of the purchasing process is Fastenal providing assistance?

Accepted Answer

A) ​select an order routine 
B) ​obtain feedback and evaluate performance 
C) ​evaluate proposals and select suppliers 
D) ​describe characteristics and the quantity of a needed good or service 
A) ​select an order routine 
B) ​obtain feedback and evaluate performance 
C) ​evaluate proposals and select suppliers 
D) ​describe characteristics and the quantity of a needed good or service

Question 11

Sole sourcing refers to the systematic study of the components of a purchase to determine the most cost-effective approach.

Accepted Answer

A) True 
 B)False

Question 12

Institutional markets are characterized by widely diverse buying practices.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following statements is true regarding the nature of the business market?

Accepted Answer

A) Distribution channels for business products are significantly longer than those for consumer products. 
B) As compared to business markets, customer relationships in consumer markets tend to last for longer duration. 
C) Personal selling plays a bigger role in business markets than in consumer markets. 
D) As compared to consumer markets, purchase decisions in business markets are relatively simple because of relatively less number of decision makers. 
A) Distribution channels for business products are significantly longer than those for consumer products. 
B) As compared to business markets, customer relationships in consumer markets tend to last for longer duration. 
C) Personal selling plays a bigger role in business markets than in consumer markets. 
D) As compared to consumer markets, purchase decisions in business markets are relatively simple because of relatively less number of decision makers.

Question 14

The government category of the B2B market primarily buys products:

Accepted Answer

A) to sell it to the final consumers. 
B) to provide some form of public benefit. 
C) to export them to other countries. 
D) to improve its resale value. 
A) to sell it to the final consumers. 
B) to provide some form of public benefit. 
C) to export them to other countries. 
D) to improve its resale value.

Question 15

The General Services Administration (GSA)is a central management agency of the U.S.federal government that:

Accepted Answer

A) validates the laws and regulations governing business sales transactions in the United States. 
B) regulates purchases taking place in the mining industry. 
C) procures goods and services and is responsible for property management and information resources management. 
D) regulates purchases taking place in the healthcare industry. 
A) validates the laws and regulations governing business sales transactions in the United States. 
B) regulates purchases taking place in the mining industry. 
C) procures goods and services and is responsible for property management and information resources management. 
D) regulates purchases taking place in the healthcare industry.

Question 16

When a consumer purchases an item that she previously bought and found acceptable,it would be considered an example of _____________.​

Accepted Answer

A) ​modified rebuying 
B) ​straight rebuying 
C) ​new-task buying 
D) ​reciprocity 
E) ​vendor analysis 
A) ​modified rebuying 
B) ​straight rebuying 
C) ​new-task buying 
D) ​reciprocity 
E) ​vendor analysis

Question 17

Match each item with the correct statement below.
-_____ are trade sector buyers who secure needed products at the best possible prices.

Accepted Answer

A) merchandisers 
B) trade industries 
C) remanufacturing 
D) nearshoring 
E) end-use application segmentation
F)global sourcing
G)joint demand
H)inelastic demand
I)outsourcing
J)value analysis
K)gatekeeper
L)commercial market
M)reciprocity
N)vendor analysis
O)category advisor
P)modified rebuy
Q)demographic characteristics based segmentation
R)influencers
S)buyer
T)customer-based segmentation 
A) merchandisers 
B) trade industries 
C) remanufacturing 
D) nearshoring 
E) end-use application segmentation
F)global sourcing
G)joint demand
H)inelastic demand
I)outsourcing
J)value analysis
K)gatekeeper
L)commercial market
M)reciprocity
N)vendor analysis
O)category advisor
P)modified rebuy
Q)demographic characteristics based segmentation
R)influencers
S)buyer
T)customer-based segmentation

Question 18

In order to receive quantity discounts on needed purchases,many institutions:

Accepted Answer

A) tend to hoard products which are resold at lower prices. 
B) insist on equal treatment under the Robinson-Patman Act. 
C) join cooperative associations to pool purchases. 
D) implement customer relationship management. 
A) tend to hoard products which are resold at lower prices. 
B) insist on equal treatment under the Robinson-Patman Act. 
C) join cooperative associations to pool purchases. 
D) implement customer relationship management.

Question 19

You work for a clothing merchandiser that has been using the same fabric manufacturer for the last decade.When a new designer joins the team,he asks the team if they have considered using an alternative fabric manufacturer whose prices are more affordable.The team is mainly concerned about sacrificing quality and style for cheaper prices,but the new designer assures everyone that there are companies out there that produce high quality goods at reasonable rates.The team decides to research possible alternatives. ​
Required:
​
Which of the following purchase behaviors is represented in the business buying situation described above?​

Accepted Answer

A) ​extended problem solving 
B) ​limited problem solving 
C) ​impulse buying behavior 
D) ​low-involvement decisions 
E) ​routinized response behavior 
A) ​extended problem solving 
B) ​limited problem solving 
C) ​impulse buying behavior 
D) ​low-involvement decisions 
E) ​routinized response behavior

Question 20

When an organization desires to purchase a finished product,a product part,or service,there are three basic options from which the company can choose.They are:​

Accepted Answer

A) ​buying; leasing; offshoring 
B) ​making; buying; leasing 
C) ​making; buying; nearshoring 
D) ​leasing; offshoring; buying 
E) ​nearshoring; making; leasing 
A) ​buying; leasing; offshoring 
B) ​making; buying; leasing 
C) ​making; buying; nearshoring 
D) ​leasing; offshoring; buying 
E) ​nearshoring; making; leasing

The NAICS classification system is a useful tool for segmenting business markets by demographic characteristics.

Resellers are marketing intermediaries who mostly buy finished goods and resell them for a profit.Their business structure means that they must consider several factors when deciding which products to buy.Which of the following factors is a reseller least likely to consider?

Competitive bidding is more common in the business sector compared to consumer markets.

The buyer has the formal authority to select a supplier and to implement the procedures for securing the good or service. Indicate the answer choice that best completes the statement or answers the question.

Match each item with the correct statement below. -_____ is the process of dividing a B2B market into groups on the basis of their size,sales revenues,or number of employees.

Global sourcing involves contracting with suppliers from around the world to purchase goods and services.

The system for grouping businesses that grew out of the NAFTA accord is known as the:

Which of the following components of B2B market includes all individuals and firms that acquire goods and services to support production of other goods and services?

Sole sourcing refers to the systematic study of the components of a purchase to determine the most cost-effective approach.

Institutional markets are characterized by widely diverse buying practices.

Which of the following statements is true regarding the nature of the business market?

The government category of the B2B market primarily buys products:

The General Services Administration (GSA)is a central management agency of the U.S.federal government that:

When a consumer purchases an item that she previously bought and found acceptable,it would be considered an example of _____________.

Match each item with the correct statement below. -_____ are trade sector buyers who secure needed products at the best possible prices.

In order to receive quantity discounts on needed purchases,many institutions:

When an organization desires to purchase a finished product,a product part,or service,there are three basic options from which the company can choose.They are:

Marketing: the Art and Science of Satisfying Customers

Strategic Planning in Contemporary Marketing

The Marketing Environment, ethics, and Social Responsibility

Social Media: Living in the Connected World

E-Business: Managing the Customer Experience

Consumer Behavior

Global Marketing

Market Segmentation, targeting, and Positioning

Marketing Research in the Era of Big Data

Relationship Marketing and Customer Relationship Management Crm

Product and Service Strategies

Developing and Managing Brand and Product Categories

Marketing Channels and Supply Chain Management

Retailers, wholesalers, and Direct Marketers

Integrated Marketing Communications, advertising, and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Pricing Strategies

Developing an Effective Marketing Plan

Financial Analysis in Marketing

Filters

Exam 7: Business-To-Business B2bmarketing

The NAICS classification system is a useful tool for segmenting business markets by demographic characteristics.

Resellers are marketing intermediaries who mostly buy finished goods and resell them for a profit.Their business structure means that they must consider several factors when deciding which products to buy.Which of the following factors is a reseller least likely to consider? ​

Competitive bidding is more common in the business sector compared to consumer markets.

The buyer has the formal authority to select a supplier and to implement the procedures for securing the good or service. Indicate the answer choice that best completes the statement or answers the question.

Match each item with the correct statement below. -_____ is the process of dividing a B2B market into groups on the basis of their size,sales revenues,or number of employees.

Global sourcing involves contracting with suppliers from around the world to purchase goods and services.

The system for grouping businesses that grew out of the NAFTA accord is known as the:

Which of the following components of B2B market includes all individuals and firms that acquire goods and services to support production of other goods and services?

Sole sourcing refers to the systematic study of the components of a purchase to determine the most cost-effective approach.

Institutional markets are characterized by widely diverse buying practices.

Which of the following statements is true regarding the nature of the business market?

The government category of the B2B market primarily buys products:

The General Services Administration (GSA)is a central management agency of the U.S.federal government that:

When a consumer purchases an item that she previously bought and found acceptable,it would be considered an example of _____________.​

Match each item with the correct statement below. -_____ are trade sector buyers who secure needed products at the best possible prices.

In order to receive quantity discounts on needed purchases,many institutions:

When an organization desires to purchase a finished product,a product part,or service,there are three basic options from which the company can choose.They are:​

Marketing: the Art and Science of Satisfying Customers

Strategic Planning in Contemporary Marketing

The Marketing Environment, ethics, and Social Responsibility

Social Media: Living in the Connected World

E-Business: Managing the Customer Experience

Consumer Behavior

Global Marketing

Market Segmentation, targeting, and Positioning

Marketing Research in the Era of Big Data

Relationship Marketing and Customer Relationship Management Crm

Product and Service Strategies

Developing and Managing Brand and Product Categories

Marketing Channels and Supply Chain Management

Retailers, wholesalers, and Direct Marketers

Integrated Marketing Communications, advertising, and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Pricing Strategies

Developing an Effective Marketing Plan

Financial Analysis in Marketing

Filters

Resellers are marketing intermediaries who mostly buy finished goods and resell them for a profit.Their business structure means that they must consider several factors when deciding which products to buy.Which of the following factors is a reseller least likely to consider?

When a consumer purchases an item that she previously bought and found acceptable,it would be considered an example of _____________.

When an organization desires to purchase a finished product,a product part,or service,there are three basic options from which the company can choose.They are: