MKT300 Chapter 8 Question

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

c

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

a

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 in Europe to generate comparable statistics c. state directory of businesses d. single industry classification system used globally to generate comparable statistics e. commercial database

a

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

a

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' sales b. potential customers' purchases c. potential customers d. current customers' sales e. potential customers' products

b

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

b

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

c

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. Straight rebuy purchase b. New-task purchase c. Modified-task purchase d. Modified rebuy purchase e. New-rebuy purchase

d

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

d

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

d

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

d

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. specification analysis b. vendor analysis c. sole sourcing d. multiple sourcing e. value analysis

e

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. B2C market b. Government market c. Reseller market d. Institutional market e. Producer market

e

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. Developing product specifications b. Selecting the product to be purchased and the supplier c. Evaluating the supplier's and product's performance by comparing it with specifications d. Recognizing the problem e. Searching for and evaluating potential products and suppliers

e

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. buying center b. online auction c. B2B exchange d. B2B e-commerce site e. reverse auction

e