BUS 312 Chapter 6 Practice Sets

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Which of the following is a​ business-to-business market​ transaction?

A grocery store buying cereal from​ Kellogg's The​ business-to-business market consists of organizations that buy products and services to be used in production or for resale or renting. The grocery store will resell the cereal to consumers.

In which type of buying situation will a buyer usually go through all the stages of the business buying​ process?

A new​ task-buying situation

Which of the following statements regarding the business market is​ correct?

Business marketers normally deal with far fewer but far larger buyers than the consumer marketer does.

How is the​ business-buying decision process different from the​ consumer-buying decision​ process?

Business-to-business marketers keep customers by meeting current needs and by partnering with them to help solve their problems.

​__________ have rapidly become the new platforms for engaging business customers.

Social media and digital marketing

Which of the following is an example of an institutional​ buyer?

Tenet Healthcare Institutional buyers include​ schools, hospitals, nursing​ homes, prisons, and other institutions that provide goods and services for people in their care. Tenet Healthcare runs 80​ for-profit hospitals in 14 states.

Which of the following statements regarding the U.S. government market is​ correct?

The U.S. government is the largest buyer of goods and services in the world. With purchases of about​ $450 billion last​ year, the U.S. government is the​ world's largest buyer of goods and services.

Which of the following statements is not a difference between business markets and consumer​ markets?

The market is very small and limited.

The buying center of an organization consists of​ ________.

all individuals and units that play a role in the buying purchase decision process This group includes the actual users of the product or​ service, those who make the buying​ decision, those who influence the buying​ decision, those who do the actual​ buying, and those who control buying information.

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

reverse auctions

A business buying situation in which the buyer reorders something without any modifications is known as a​ __________

straight rebuy There are three major types of buying​ situations: straight​ rebuys, modified​ rebuys, and new tasks. In a straight​ rebuy, the buyer reorders something without any modifications. It is usually handled on a routine basis by the purchasing department.

The U.S. government normally awards contracts to​ ________.

the lowest bidder Government organizations typically require suppliers to submit​ bids, and they usually award the contract to the lowest bidder.

Every Monday a pizzeria places the same order with its supplier for pepperoni. Which type of buying situation does this​ represent?

A straight rebuy

What is the nature of demand in business​ markets?

Changes in consumer demand will cause changes in business demand. Because business market demand is derived from the demand for consumer​ goods, changes in consumer demand will cause changes in business demand.

__________ includes the final order with the chosen supplier or suppliers and lists other required items.

DOrder-routine specification Order-routine specifications include the final order with the chosen supplier or suppliers and lists items such as technical​ specifications, quantity​ needed, expected delivery​ time, return​ policies, and warranties.

A university is buying notebook computers for its faculty. The​ university's Information Technology department has been asked to provide specifications and recommendations for this purchase. The IT department is playing which role in the​ university's buying​ center?

Influencer

__________ are members of the buying center who help define specifications and provide information for evaluating alternatives.

Influencers Technical personnel are particularly important influencers.

Which of the following statements regarding the institutional market is​ correct?

Institutional markets are characterized by low budgets and captive patrons.

__________ is the stage of the​ business-buying decision process that occurs after a problem is recognized and a general need description is developed.

Product specification Developing a product specification is the third stage in the​ business-buying decision process and occurs after a problem is recognized and a general need description is developed.

One problem with​ business-to-business e-procurement is that it​ ________. This question was included in MyLab Study Plan 6.3, but discussed in section 6.4 in textbook.

can erode​ long-standing customer-supplier relationships Many buyers now use the power of the Internet to pit suppliers against one another and search out better​ deals, products, and turnaround times on a​ purchase-by-purchase basis.

Institutional markets are​ __________.

characterized by low​ budget, captive patrons The institutional market consists of​ schools, hospitals, nursing​ homes, prisons, and other institutions that provide goods and services to people in their care. Institutions differ from one another in their sponsors and their objectives.

Business-to-business marketers are now using a wide range of digital and social media marketing approaches to​ __________.

engage business customers and manage customer relationships In response to business​ customers' rapid shift toward online​ buying, today's​ B-to-B marketers are using digital and social media marketing approaches to engage business customers and manage customer relationships​ anywhere, anytime.

In​ B-to-B marketing, digital and social media play an important role in​ __________.

engaging business buyers Digital and social media play an important role in engaging these​ always-connected business buyers in a way that personal selling alone cannot.

Hospital purchasing agents should prefer​ __________.

food vendors with low prices and quality products The hospital purchasing agent must search for institutional food vendors whose quality meets or exceeds a certain minimum standard and whose prices are low.

Developing product specifications follows​ __________ in the business buyer decision process.

general need description

Motives, perceptions and preferences are​ _______ factors than can influence the​ business-buying decision process.

individual Each participant in the​ business-buying decision process brings in personal​ motives, perceptions, and preferences. These individual factors are affected by personal characteristics such as​ age, income,​ education, professional​ identification, personality, and attitudes toward risk.

When using digital​ marketing, B-to-B marketers are targeting​ __________ that affect buying decisions for​ __________.

individuals; businesses

Business markets have demand that​ __________.

is inelastic Business markets have inelastic and fluctuating demand. The total demand for many business products is not much affected by price changes. The demand for many business goods and services tends to change morelong dash—and more quicklylong dash—than does the demand for consumer goods and services. A small percentage increase in consumer demand can cause large increases in business demand. Next Question

The rapidly expanding use of​ e-procurement in​ business-to-business deals provides several​ advantages; however, one of the disadvantages is​ __________.

it pits suppliers against one another Many buyers now use the power of the Internet to pit suppliers against one another and search out better​ deals, products, and turnaround times on a​ purchase-by-purchase basis.

Items such as technical​ specifications, quantities, delivery​ times, return​ policies, and warranties are included in the​ ________.

order-routine specification


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