Marketing Chapter 7 Questions

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

Government Markets

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

Producer Market

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

e. orders are frequently small and inexpensive

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

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

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

The North American Industry Classification System 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

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

saves time; reduces costs

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