Question 1

Who is likely to win in a reverse auction?

Accepted Answer

A)  The lowest bidder 
B)  The highest bidder 
C)  The most expensive 
D)  Single-source suppliers 
E)  Reseller markets

Question 2

What are the two ways governments make purchases?

Accepted Answer

A)  Cash or credit 
B)  Contacting previous suppliers and bids 
C)  Bids and negotiated contracts 
D)  Lottery system and contract negotiations 
E)  Request for new purchases and recurring orders

Question 3

A friend of yours starts his own business. He would like to expand his client base to include the government, but he believes his small business would be ignored. Based on your knowledge from the text, you tell him

Accepted Answer

A)  that he's absolutely right, the government doesn't deal with small businesses. 
B)  although the government will deal with small businesses, he will never make a profit off a government contract. 
C)  that any government, federal, state, or local would laugh at the size of his business. 
D)  the government rarely considers new suppliers when making purchasing decisions. 
E)  the government buys products from all sizes of business, but there is some red tape.

Question 4

The United States Navy purchases uniforms from a single supplier. For the last 25 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

Accepted Answer

A)  new-product purchase. 
B)  repetitive purchase. 
C)  straight rebuy. 
D)  modified rebuy. 
E)  standard order.

Question 5

When purchasing large amounts of light bulbs, which purchase method would an organization most likely use?

Accepted Answer

A)  Description 
B)  Inspection 
C)  Negotiation 
D)  Sampling 
E)  Multiple sourcing

Question 6

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.

Accepted Answer

A)  vendor 
B)  downsizing 
C)  strategic 
D)  value 
E)  profit

Question 7

Most business purchases can be classified as belonging to one of three types:

Accepted Answer

A)  delinquent, repetitive, or delivered. 
B)  repetitive, new task, or modified rebuy. 
C)  modified rebuy, new task, or straight rebuy. 
D)  delinquent, new task, or reciprocal. 
E)  rebuy, reciprocal, or delayed.

Question 8

St. Jude's Hospital decides to redo its kitchen with new flooring, cabinets, counters, and appliances. The hospital compiles a description of the project and then asks sellers to submit bids. After determining the most attractive bids, the hospital will then work with two or three companies to determine who will get the contract. This is an example of using ____ for a purchase decision.

Accepted Answer

A)  sampling 
B)  negotiation 
C)  inspection 
D)  elimination 
E)  description

Question 9

Retailers purchase products and resell them to final consumers.

Accepted Answer

A) True 
 B)False

Question 10

When buying materials, the purchasing agent for Alco Pillow Manufacturing Company considers a variety of factors. Which one of the following is least likely to concern this buyer?

Accepted Answer

A)  Does the quality of the goods meet company specifications? 
B)  Does the supplier consistently deliver on time? 
C)  Does the supplier also sell to my competitors? 
D)  Does the supplier offer the services required? 
E)  Does the price meet company budget requirements?

Question 11

Which of the following statements about business buying is false?

Accepted Answer

A)  Business marketers prefer not to sell to customers who place small orders. 
B)  Business marketers must often sell their products in large quantities to make profits. 
C)  Most business purchases are made by committee. 
D)  Business purchases are usually made on the basis of contracts. 
E)  Orders in business markets tend to be smaller than those placed in consumer markets.

Question 12

Volkswagen purchases upholstery for the interiors of its vehicles from various suppliers. This upholstery must have a set of characteristics that is expressed by Volkswagen. This set is called

Accepted Answer

A)  descriptions. 
B)  product features. 
C)  criterion. 
D)  purchase requests. 
E)  specifications.

Question 13

One very important consideration for business purchases is the type of packaging used.

Accepted Answer

A) True 
 B)False

Question 14

Raw materials are especially affected by joint demand.

Accepted Answer

A) True 
 B)False

Question 15

Lily works in the buying center at a personal protection safety equipment firm. Whenever she needs a certain product, she always orders from Phil. Although other suppliers might be less expensive, Lily has done work with Phil before and trusts him completely to deliver all supplies to the exact specifications. She values this trust and would rather work with Phil than having to take a chance on another supplier who might be less expensive. Which factors are influencing the business buying decision process?

Accepted Answer

A)  Reciprocity 
B)  Environmental 
C)  Organizational 
D)  Interpersonal 
E)  Economic

Question 16

Discuss how interpersonal factors influence the business buying decision process.

Accepted Answer

The answer of Discuss how interpersonal factors influence the business...

Question 17

The University of New Mexico is an institutional market.

Accepted Answer

A) True 
 B)False

Question 18

_______________ are online marketplaces where buyers and sellers from around the world can exchange information, goods, services, ideas, and payments.

Accepted Answer

A)  Dealer websites 
B)  B2B e-commerce sites 
C)  Online auction sites 
D)  Contracting sites 
E)  B2C e-commerce sites

Question 19

In what ways can an industrial classification system be used by business marketers to analyze target markets?

Accepted Answer

The answer of In what ways can an industrial classification...

Question 20

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

Accepted Answer

A)  recognizing the problem, establishing product specifications, searching for products and evaluating possible suppliers, selecting suppliers and products, and evaluating performance. 
B)  recognizing the problem, searching for products and evaluating possible suppliers, selecting suppliers and products, establishing product specifications, and evaluating performance. 
C)  recognizing the problem, selecting suppliers and products, evaluating performance, establishing product specifications, and searching for substitute products. 
D)  establishing product specifications, recognizing the problem, searching for products, evaluating possible products and suppliers, selecting suppliers and products, and evaluating performance. 
E)  establishing product specifications, searching for products, selecting suppliers and products, evaluating performance, recognizing the problem, and evaluating possible products and suppliers.

Exam 8: Business Markets and Buying Behavior

Who is likely to win in a reverse auction?

What are the two ways governments make purchases?

A friend of yours starts his own business. He would like to expand his client base to include the government, but he believes his small business would be ignored. Based on your knowledge from the text, you tell him

The United States Navy purchases uniforms from a single supplier. For the last 25 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

When purchasing large amounts of light bulbs, which purchase method would an organization most likely use?

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.

Most business purchases can be classified as belonging to one of three types:

Retailers purchase products and resell them to final consumers.

When buying materials, the purchasing agent for Alco Pillow Manufacturing Company considers a variety of factors. Which one of the following is least likely to concern this buyer?

Which of the following statements about business buying is false?

Volkswagen purchases upholstery for the interiors of its vehicles from various suppliers. This upholstery must have a set of characteristics that is expressed by Volkswagen. This set is called

One very important consideration for business purchases is the type of packaging used.

Raw materials are especially affected by joint demand.

Discuss how interpersonal factors influence the business buying decision process.

The University of New Mexico is an institutional market.

_______________ are online marketplaces where buyers and sellers from around the world can exchange information, goods, services, ideas, and payments.

In what ways can an industrial classification system be used by business marketers to analyze target markets?

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