MKT300 CH.8 Concept Check

e. inelastic demand

A price increase or decrease does not significantly alter demand for a product with _______. a. joint demand b. derived demand c. reciprocity d. elastic demand e. inelastic demand

d. Description

Commodities and raw materials are typically purchased using which method of business buying? a. Inspection b. Negotiation c. Sampling d. Description e. Reciprocity

b. value analysis

Examining quality, design, materials, and possibly item reduction or deletion to acquire the product in the most cost-effective way is best described as _______. a. sole sourcing b. value analysis c. multiple sourcing d. vendor analysis e. specification analysis

d. Producer market

Gorton's Seafood buys large amounts of fish to use in its frozen dinners and dinner components. Gorton's Seafood belongs in which of the following business markets? a. Institutional market b. Reseller market c. Government market d. Producer market e. B2C market

b. saves time; reduces costs

Online marketing efforts make the buying process far more efficient because it _______ and _______. a. saves time; increases costs b. saves time; reduces costs c. takes more time; reduces costs d. saves time; is more professional e. removes emotion, reduces costs

e. B2B e-commerce sites

Online marketplaces where buyers and sellers can exchange information, goods, services, ideas, and payments are best described as _______. a. buying centers b. corporate websites c. online auction sites d. B2C e-commerce sites e. B2B e-commerce sites

a. Searching for and evaluating potential products and suppliers

Purchasing agents at ACME Corp. are looking in company files and trade directories, contacting suppliers for information, soliciting proposals from known vendors, and examining various online and print publications. They are in which of the following stages of the buying decision process? a. Searching for and evaluating potential products and suppliers b. Recognizing the problem c. Developing product specifications d. Selecting the product to be purchased and the supplier e. Evaluating the supplier's and product's performance by comparing it with specifications

a. single industry classification system used by the United States, Canada, and Mexico to generate comparable statistics

The North American Industry Classification System (NAICS) is a(n) _______. a. single industry classification system used by the United States, Canada, and Mexico to generate comparable statistics b. single industry classification system used globally to generate comparable statistics c. single industry classification system used in Europe to generate comparable statistics d. commercial database e. state directory of businesses

a. the buying center

The group of people within an organization who make business buying decisions are best described as _______. a. the buying center b. vendors c. influencers d. gatekeepers e. the purchasing unit

a. potential customers' purchases

To estimate the purchase potential of business customers, a marketer must find a relationship between a variable available in industrial classification data, such as number of employees, and the size of _______. a. potential customers' purchases b. potential customers' products c. potential customers d. potential customers' sales e. current customers' sales

d. reverse auction

When a business buyer invites vendors to bid to supply a specified good or service in competition with each other, with the lowest bidder winning the right to sell to the buyer, this is best described as _______. a. online auction b. B2B exchange c. B2B e-commerce site d. reverse auction e. buying center

d. Orders by businesses are frequently small and inexpensive.

Which of the following is NOT one of the ways that business transactions differ from consumer transactions? a. Purchasing decisions are often made by a committee. b. Orders by business customers tend to be much larger than individual consumer sales. c. Discussions and negotiations associated with business purchases can require considerable marketing time and selling effort. d. Orders by businesses are frequently small and inexpensive. e. Suppliers of large, expensive, or complex goods often must sell products in large quantities to make profits.

e. Reseller markets

Which of the following markets includes wholesalers or retailers? a. Producer markets b. Institutional markets c. Buying centers d. Government markets e. Reseller markets

d. Government markets

Which of the following markets may have complex buying procedures due in part to their public accountability? a. Reseller markets b. Institutional markets c. College markets d. Government markets e. Producer markets

e. Modified rebuy purchase

ACME Corp. has ordered widgets from Wiley Widgets several times before, but now it would like Wiley Widgets to offer a lower per-unit price in exchange for a larger order. ACME is using which of the following types of business purchases? a. New-rebuy purchase b. Straight rebuy purchase c. New-task purchase d. Modified-task purchase e. Modified rebuy purchase