chapter 6 HW questions

is inelastic

business markets have demand that__?

derived demand

Eaton sells only to businesses and focuses the electrical, hydraulics, aerospace and vehicle markets. when the economic crisis hit in 2008, consumers began cutting back, and as a result, Eaton's customers needed to cut costs and scale back operations. this, in turn, impacted Eaton's sales, which is known as?

influencers

When Eaton worked with the University of Notre Dame on its new engineering building to improve its energy efficiency and earn LEED credits, Eaton engaged with a number of people at Notre Dame to finalize the partnership and solidify terms and conditions associated with the agreement. Which of the following people in the buying center would have affected Notre Dame's buying decision (for example, define specs and provide information on evaluating alternatives)?

influencers

__ are members of the buying center who help define specifications and provide info for evaluating alternatives

order-routine specification

___ includes the final order w/ the chosen supplier or suppliers and lists other required items

straight rebuy

a business buying situation in which the buyer reorders something w/o any modifications is known as a?

general need description

developing product specifications follows ___ in business buyer decision process

food vendors w/ low prices and quality products

hospital purchasing agents should prefer?

it puts suppliers against one another

the rapidly expanding use of e-procurement in business-to-business deals provides several advantages; however, one disadvantage is?

characterized by low budget, captive patrons

institutional markets are?

environmental

there are a number of influences on the buying organization and buying center that can impact how and what is purchased by a business. For Eaton's customers, the economic crises in 2008 would be classified as what type of influence?

solutions selling

through the years, Eaton has shifted from selling strictly components to solving its customers' problems w/ more tailored offerings. this is an example of?

reverse auctions

to do e-procurement, companies can conduct ___, in which they put their purchasing requests online and invite suppliers to bid for the business

problem recognition

when Eaton's customers became aware that they needed solutions for power management, energy savings, green technologies, and LEED certification, they were in which phase of the business buying process?

the market is very small and limited

which of the following statements is not different b/w business markets and consumer markets?