Exam 7: Business Buying Behavior

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

Which of the following would be considered an institutional buyer?

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.

The North American Industry Classification System includes all three NAFTA partners.

All of the following describe the demand for business products except

Of the three types of business purchases,the straight rebuy purchase usually requires the most information.

Explain how purchase decisions for business products may be influenced by persons in a buying center.

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

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

There is little or no difference between wholesalers' customers and retailers' customers.

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?

Feedback acquired during the fifth stage of the business buying decision process is kept on file but not used as a reference for future business purchase decisions.

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

Inelastic demand simply means that

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

Kroger Grocery Store is an example of a reseller.Which of the following factors concerning reseller purchase decisions is false?

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 7.1.Which of the following groups should Samsung not include in its buying center for the new equipment?

In business markets,individuals or groups purchase products for one of three purposes.These purposes are

The fact that business customers purchase products to be used directly or indirectly in the production of goods and services to satisfy customers' needs means that demand for business products is

When the major component of an item experiences a price increase,the demand for the item may become more elastic.