FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 7: Business Markets and Buying Behavior

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 41

Multiple Choice

Review LaterAdd Note

Review Later

Brittany is an account executive for a financial services firm that specializes in employee benefits services. She is meeting with the owner of a small business who has grown to the level where he needs to provide extended employee benefits. Brittany is happy to help the small business owner and is excited about the opportunity to gain another customer. The company owner has purchased other insurance services such as property and casualty for the business, but has never purchased a group insurance plan and anticipates that it will take a considerable amount of time in the purchase process since this represents a significant decision for the company and its employees. What type of business purchase does this represent?

A) New-task
B) Straight rebuy
C) Modified rebuy
D) Contracted purchase

E) All of the above
F) A) and B)

Correct Answer

verified

Show Answer

Question 42

Multiple Choice

Review LaterAdd Note

Review Later

Business markets are typically divided into four categories. These categories are

A) retailers, wholesalers, services, and nonprofit firms.
B) producer, manufacturer, reseller, and government.
C) producer, reseller, government, and institutional.
D) manufacturer, wholesaler, retailer, and services.
E) reseller, retailer, government, and institutional.

F) B) and C)
G) C) and E)

Correct Answer

verified

Show Answer

Question 43

True/False

Review LaterAdd Note

The five-stage business buying decision process is used primarily for routine, straight rebuy purchases.

NAICS provides little information about service industries and high-tech products.

In the buying decision process, one of the activities included in the search for products and suppliers is examining various online and print publications.

King Auto Supply sells car and truck parts, as well as tire replacement and balancing services. As King places its order for truck tires with Goodyear, it must also place an order for valve stems and balancing weights for the tires. Such business products are characterized as having ____ demand.

The University of Texas is an institutional market.

When purchasing large amounts of light bulbs, which purchase method would an organization most likely use?

Justin's Lawn & Lot is a small business that provides landscaping and lawn-mowing services in the spring and summer. Justin's usually contracts with customers on an annual basis, with the terms set out at the beginning of the season. This year, the area experienced a significant amount of rain, causing the grass to grow more quickly. Justin's was required to cut the grass every time it grew 2 inches, and no matter how many times it needed cutting, the customer paid the same monthly amount based on the original contract. The price of gas has now grown by 35%, causing Justin's to pay more for their supplies. The demand for gas despite its price represents ________ demand for Justin's Lawn & Lot.

Vendor analysis is a formal, systematic evaluation of current and potential vendors that focuses on a variety of dimensions including price, product quality, delivery service, product availability, and overall company reliability.

Price is of concern to a business marketer primarily because of its psychological impact on purchasing agents.

Which of the following entities is part of the buying center?

During the search for products and evaluation of possible suppliers stage of the business buying decision process, marketers sometimes use ____ analysis to examine the quality, design, materials, and possibly item reduction in order to acquire the product in the most cost-effective way.

Cinthya works for Dell Computers in the purchasing department and has been receiving more orders related to tablet and portable computers compared to desktop computers. She's noticed a significant reduction in the number of monitors the company is manufacturing as well as traditional desktop systems. It seems that fewer individuals are purchasing desktop computers for their home offices and many businesses have switched to portable computers since the workforce prefers the capability to work "on the go" rather than be required to complete work at the office. Therefore, it's likely the demand for desktop computers and monitors is

There is little or no difference between wholesalers' customers and retailers' customers.

All of the following describe the demand for business products except

Discuss the differences between business and consumer transactions.

When the major component of an item experiences a price increase, the demand for the item may become more elastic.

Which of the following statements about reseller markets is false?

Value analysis examines quality, design, and materials as well as current and potential vendors.