MKT300 Chapter 8 Concept Check

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

B2B e-commerce sites

Which of the following markets includes wholesalers or retailers?

reseller markets

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

Which of the following is NOT one of the ways that business transactions differ from consumer transactions?

orders by businesses are frequently small and inexpensive

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 _______.

potential customers' purchases

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 _______.

reverse auction

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

saves time; reduces costs

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?

searching for and evaluating potential products and suppliers

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

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?

Producer market

A price increase or decrease does not significantly alter demand for a product with _______.

inelastic demand

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?

modified rebuy purchase

The North American Industry Classification System (NAICS) is a(n) _______.

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

The group of people within an organization who make business buying decisions are best described as _______.

the buying center