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Exam 8: Business Markets and Buying Behavior

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Question 1

True/False

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When purchasing products, business customers are especially concerned about quality, service, price, and supplier relationships.

A) True
B) False

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Question 2

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Demand for business products is also known as ____ demand.

A) derived
B) corporate
C) business buying
D) manufacturing
E) industrial

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

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Question 3

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Richard is a B2B marketer working for a multinational firm. He needs to identify and locate potential customers in the U.S. construction industry. Richard does not have much time to do this. He also does not have a lot of experience in this area. He wants to get this done as conveniently as possible. Which of the following would best fit Richard's preferences as well as his desire to have the job done accurately?

Marketers should post informative content on digital sites describing how their products can solve customers' problems or address their needs.

Because retailers have to be concerned with product selection, price, and space, they often evaluate products on the basis of

If a business product exceeds specifications, so much the better; the customer can then be assured of obtaining a minimum level of acceptability.

Institutional markets are

Scenario 8.1 Use the following to answer the questions. Samsung is entering the home appliance market with its new French Door Refrigerator. In designing the production facility, it has a need for various pieces of equipment, including the perpetual assembly belt drive, quasi-assembly pods, and finishing stations. The purchasing agent for the appliance division is inquiring about who will be needed for input on the purchasing decision. Samsung has already contacted several producers of the quasi-assembly pods, and has begun negotiations with their sales representatives. Refer to Scenario 8.1. What was the first step of the buying decision process that Samsung went through when looking for the quasi-assembly pods?

____ analysis is a systematic evaluation of current and potential suppliers that focuses on many dimensions including price, product quality, delivery service, product dependability, and overall company reliability.

The group of people within a business who are involved in making business buying decisions is referred to as

Jason owns a small landscaping business called GreenScapes. When buying a new pickup truck for his landscaping business, Jason negotiated with Palmetto Dodge, a dealer, with the agreement that GreenScapes would be the service company Palmetto Dodge used for all of its landscaping needs. This is an example of

Describe the various stages of the business buying decision process.

Businesses follow a defined buying decision process in order to ensure the goods and services they purchase will meet their organization's needs. The process has multiple stages, and in one of the stages the business will evaluate each component of potential purchase. This includes evaluating the quality, design, materials and any other relevant aspect of the purchase. This evaluation takes place in which of the following stages of the business buying decision process?

When a business is making its initial purchase of an item to be used to perform a new job, it is known as a ____ purchase.

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

For business products, the concept of inelasticity of demand applies equally to industry demand for the product and to demand for an individual supplier.

Which of the following statements about reseller markets is false?

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 Michelin, it must also place an order for valve stems and balancing weights for the tires. Such business products are characterized as having ____ demand.

The Eagle Pawn Company is a regional business that owns seven pawn stores in the Houston area. The owners of Eagle Pawn have recently purchased a new software system designed to better track their inventory. Now that they have had the system for a couple of months, they have decided to upgrade to a newer version. The original purchase is an example of a(an) ________, while the current purchase will be a(an) _____.

The owner of a trucking business, who buys gasoline from the nearby service station for the company trucks, is a part of a business market.