Chapter 08: Concept Check

Examining quality, design, materials, and possibly item reduction or deletion to acquire the product in the most cost-effective way is best described as _________.

value analysis

Online marketplaces where buyers and sellers can exchange information, goods, services, ideas, and payments are best described as ________.

B2B e-commerce sites

To estimate the purchase potential of business customers, a marketer must find a relationship between a variable available in industrial classification data, such as numbers of employees, and the size of ______.

Potential customers purchase

Commodities and raw materials are typically purchased using which method of business buying?

Description

Which of the following markets may have complex buying procedures due in part to their public accountability?

Government Markets

ACME Corp. has ordered widgets from Wiley widgets several times before, but now it would like Wiley Widges to offer a lower per-unit price in exchange for a larger order. ACME is using which of the following types of business purchases?

Modified rebuy purchase

Gorton's seafood buys large amounts of fish to use in frozen dinners and dinner components. Gorton's seafood belongs in which of the following business markets?

Product Market

Which of the following markets includes wholesalers or retailers?

Reseller Markets

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 the buyer, this is best described as ____________.

Reverse Auction

Purchasing agents at ACME Corp. are looking in company files and trade directories, contracting, 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.

Searching for and evaluating potential products and suppliers.

The North American Industry classification system (NAICS) is a(n) _________.

Single industry classification system used by the United Satiates, Canada, snd Mexico to generate comparability statistics.

A price increases or decreases does not significantly alter demand for a product with __________.

inelastic demand

Online marketing efforts make the buying process far more efficient because it _______ and ___________.

saves time; reduces cost

The group of people within an organization who make business buying decision are best described a _____________.

the buyer center