Deck 7: Business Marketing

Question 1

The more digits in a North American Industry Classification System (NAICS)code,the less homogeneous a group will be.

Answer 1

False

Question 2

Which of the following is true of business marketing?

A)It refers to the sale of goods and services for the purpose of personal consumption.
B)It deals with products that are used to facilitate an organization's operations.
C)It sells goods and services only to organizations.
D)It depends largely on social media for increased profits.

Answer 2

B

Question 3

Many companies offer ethics training to employees and have codes of ethics that help guide buyers and sellers in business.

Answer 3

True

Question 4

By pressurizing a supplier to sell products at very low prices,a buyer may,in effect,force the supplier to stop selling to him or her.

Question 5

Quality is one of the criteria against which business buyers evaluate products and suppliers.

Question 6

Businesses contract outside providers to perform services such as janitorial,advertising,legal,and so on.when it costs less than hiring an employee to perform the particular task.

Question 7

The use of direct channels in business marketing has increased dramatically in the past decade with the introduction of various Internet buying and selling schemes.

Question 8

TruColor Printers Inc.has purchased a sophisticated printing press for $1 million.Which of the following is most likely to be true about the printing press?

A)It will be depreciated over its useful life.
B)It will be charged as an expense in the year it is bought.
C)It will more likely be short-lived.
D)It will retain its identity in the final product.

Question 9

Which of the following scenarios illustrates business marketing?

A)Molly,a university student,buys a book to gift her friend.
B)Tom,the accountant at Martel Inc. ,buys a pair of shoes for his daughter.
C)Mark,a school student,purchases a laptop for his personal use.
D)Jenny,the manager of Ikon Inc. ,purchases a set of printers for her office.

Question 10

Which of the following is true of raw materials?

A)They often have a large number of relatively small sellers.
B)They almost always require promotion via mass advertising.
C)They include capital goods such as large or expensive machinery.
D)They have relatively short lives and are less expensive compared to supplies.

Question 11

Both relationship commitment and trust are necessary for a strategic alliance to succeed in the long run.

Question 12

Component parts are unprocessed extractive or agricultural products.

Question 13

Corn refiners buy shelled corn and convert it into a variety of products,including high-fructose corn syrup.The refiners then sell these products to companies for use in foods and beverages.Based on this information,which sector of the business market is most likely represented by the corn refiners?

A)Resellers
B)Producers
C)Distributors
D)Governments

Question 14

Providing superior service to a firm's most valuable customers is likely to result in a maximization of the total business value generated over time.

Question 15

The key characteristic distinguishing business products from consumer products is intended use.

Question 16

Which of the following is a difference between component parts and supplies?

A)Component parts require extensive processing before they become part of another product,while supplies do not.
B)Component parts are consumable items,while supplies are finished items.
C)Component parts become part of a final product,while supplies do not.
D)Component parts are inexpensive when compared to other business products,while supplies are expensive.

Question 17

The size of consumer markets in most countries exceeds that of business markets.

Question 18

Fluctuating demand is the demand for two or more items used together in a final product.

Question 19

Ethics refers to a firm's belief that an ongoing relationship with another firm is so important that it warrants maximum efforts at maintaining it indefinitely.

Question 20

A consumer product is used to manufacture other goods or services,to facilitate an organization's operations,or to resell to other customers.

Question 21

A product is defined as a business product rather than a consumer product on the basis of its__________.

Question 22

A decline in the availability of bicycle handle bars will decrease Huffy Bicycle Company's production of bicycles.This decreased production in turn will reduce Huffy's demand for bicycle seats.This scenario illustrates__________demand.

Question 23

In the context of consumer markets,which of the following is true of consumers?

A)They often follow the practice of reciprocity.
B)They tend to buy in very large quantities.
C)They approach purchasing rather formally.
D)They normally buy products rather than lease them.

Question 24

Inland Eastex Inc.manufactures paper that is used for printing covers for different types and sizes of magazines.The percentage of magazine sales determines how much paper Inland Eastex will produce each year.This is an example of__________demand.

Question 25

In a buying center,gatekeepers are the people who:

A)actually use a product.
B)influence a buying decision.
C)regulate the flow of information.
D)negotiate a purchase.

Question 26

Which of the following items are inexpensive when compared to other business products?

A)Accessory equipment
B)Installations
C)Component parts
D)Supplies

Question 27

Casca Paints,a manufacturer of paints and emulsions,owns a user-friendly Web site.The Web site allows customers to upload pictures of their house and select the colors that best match their expectations.Donnel Designs Inc. ,an interior decoration firm,enters into a partnership with Casca Paints.As a result,customers can now get a complete interior design solution for their homes.This is an example of a(n)__________.

Question 28

In the context of the types of business products,consumable items that do not become part of a final product are known as__________.

Question 29

TomSauce,a brand of tomato sauce,advertises that the tomatoes it uses are processed within 24 hours of being picked to ensure product freshness.In this scenario,the fresh tomatoes are examples of__________.

Question 30

The North American Industry Classification System (NAICS)data can be used to:

A)identify scope for new product lines.
B)determine purchase motives of customers.
C)classify consumer behavior.
D)identify potential new customers.

Question 31

Rachel,a university student,purchases a watch as a gift for her mother.In this scenario,the watch is an example of a(n)__________product.

Question 32

Which of the following scenarios illustrates the use of processed materials in manufacturing?

A)No-Glut Inc.uses rice flour in the manufacture of gluten-free products.
B)Zintec Sugar House uses sugarcane to produce white sugar.
C)Pace,an automobile company,uses magnesium alloy wheels for its high-end cars.
D)Reldex Steel Corp.uses blast furnaces in their manufacturing process.

Question 33

A small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product.This is known as__________.

Question 34

__________is the condition that exists when one party has confidence in an exchange partner's reliability and integrity.

Question 35

In the context of business relationships in Japan,which of the following best describes amae?

A)It is the feeling of nurturing concern for,and dependence upon,another.
B)It is the lack of motivation among employees in businesses.
C)It is a legal consolidation and collaboration of companies into a single entity.
D)It is a network of interlocking corporate affiliates.

Question 36

Which of the following is a similarity between raw materials and component parts?

A)Both fail to retain their identity in final products.
B)Both become part of the final product.
C)Both are unprocessed extractive products.
D)Both are more expensive than accessory equipment.

Question 37

Which of the following is true of consumer markets?

A)They deal with products or services that are meant for personal use.
B)They do not sell goods that are sold in business markets.
C)They exceed business markets by size in most countries.
D)They focus primarily on facilitating an organization's operations.

Question 38

Which of the following is true of business marketing on the Internet?

A)Business-to-business marketers are behind their business-to-consumer counterparts in social media adoption.
B)Social media is no longer used to market content in the form of e-mail newsletters and videos.
C)Determining a target market is easy in business marketing ever since social media has gone mainstream.
D)Companies that make use of business marketing on the Internet are adopting social media strategies at a slow pace.

Question 39

Unlike buyers in business markets,buyers in consumer markets tend to:

A)purchase in much larger quantities.
B)generate more stable demand trends.
C)approach purchasing more informally.
D)involve more people in a single purchase decision.

Question 40

Mandy's Printing Inc.manufactures and sells photocopiers,printers,and scanners to various offices.This is an example of__________.

Question 41

In the context of measuring online success,the__________is important because big spenders can be the most profitable customers for a business.

Question 42

A product is defined as a business product rather than a consumer product on the basis of its _____.​

A)intended use
B)​physical characteristics
C)​price
D)distribution method

Question 43

Business marketing deals with the purchase and sale of goods and services intended for _____.​

A)personal use
B)​industrial use
C)​gifting
D)individual needs

Question 44

Items such as sheet metal,treated lumber,corn syrup,and plastics are examples of__________.

Question 45

Leo buys 500 sheets of paper from a vendor for his printing firm.He is satisfied with the product,and he orders the same quantity from the same vendor every week.This is most likely an example of a__________.

Question 46

How does customer service help business marketers?

Question 47

How is marketing done via the Internet?

Question 48

Business marketing deals with the purchase and sale of goods and services intended for__________.

Question 49

Content marketing is extremely important for businesses that want to deliver valuable content for their customers.Provide arguments to justify this statement.

Question 50

__________are expense items that do not become part of a final product.

Question 51

A__________is a situation requiring the purchase of a product for the first time.

Question 52

Explain the distribution structure followed in business markets.

Question 53

Mandy's Printing Inc.manufactures and sells photocopiers,printers,and scanners to various offices.This is an example of _____.​

A)contract manufacturing
B)​business marketing
C)​licensing
D)franchising

Question 54

Capital goods such as large or expensive machines,mainframe computers,blast furnaces,generators,airplanes,and buildings are referred to as__________.

Question 55

The segment of the business market that seeks to achieve goals other than the standard business goals of profit,market share,and return on investment consists of__________.

Question 56

What are the main differences between major equipment and accessory equipment?

Question 57

Rachel,a university student,purchases a watch as a gift forher mother.In this scenario,the watch is an example of a(n)_____ product.​

A)industrial
B)​consumer
C)​intermediate
D)business

Question 58

What are supplies? Explain with examples.

Question 59

In a buying center,the person who has the formal or informal power to choose or approve the selection of a supplier or brand is known as the__________.

Question 60

__________are goods,such as portable tools and office equipment,which are less expensive and shorter-lived than installations.

Question 61

​In the context of the types of business products,consumable items that do not become part of a final product are known as _____.

A)supplies
B)​component products
C)​raw materials
D)installations

Question 62

A decline in the availability of bicycle handle bars will decrease Huffy Bicycle Company's production of bicycles.This decreased production in turn will reduce Huffy's demand for bicycle seats.This scenario illustrates_____ demand.

A)inelastic
B)​joint
C)​elastic
D)fluctuating

Question 63

Inland Eastex Inc.manufactures paper that is used for printing covers for different types and sizes of magazines.The percentage of magazine sales determines how much paper Inland Eastexwill produce each year.This is an example of _____ demand.​

A)joint
B)​inelastic
C)​derived
D)elastic

Question 64

_____ are expense items that do not become part of a final product.

A)Installations
B)​Supplies
C)​Component parts
D)Business services

Question 65

The segment of the business market that seeks to achieve goals other than the standard business goals of profit,market share,and return on investmentconsists of _____.​

A)institutions
B)​resellers
C)​producers
D)manufacturers

Question 66

​Leo buys 500 sheets of paper from a vendor for his printing firm.He is satisfied with the product,and he orders the same quantity from the same vendor every week.This is most likely an example of a _____.

A)joint demand
B)​straight rebuy
C)​product exchange
D)modified rebuy

Question 67

Items such as sheet metal,treated lumber,corn syrup,and plastics are examples of _____.​

A)raw materials
B)​processed materials
C)​installations
D)MRO supplies

Question 68

A _____ is a situation requiring the purchase of a product for the first time.​

A)modified rebuy
B)​derived demand
C)​joint demand
D)new buy

Question 69

​TomSauce,a brand of tomato sauce,advertises that the tomatoes it uses are processed within 24 hours of being picked to ensure product freshness.In this scenario,the fresh tomatoes are examples of _____.

A)raw materials
B)​component parts
C)​MRO items
D)supplies

Question 70

A small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product.This is known as _____.​

A)the multiplier effect
B)​reciprocity
C)​the conversion rate
D)frequency

Question 71

​In the context of measuring online success,the _____ is important because big spenders can be the most profitable customers for a business.

A)conversion task
B)​frequency of sales
C)​monetary value of sales
D)recencyrate

Question 72

Capital goods such aslarge or expensive machines,mainframe computers,blast furnaces,generators,airplanes,and buildingsare referred to as _____.​

A)supplies
B)​installations
C)​accessory equipment
D)component parts

Question 73

​_____ are goods,such as portable tools and office equipment,which are less expensive and shorter-lived than installations.

A)Component parts
B)​Processed materials
C)​Raw materials
D)Accessory equipment

Question 74

Casca Paints,a manufacturer of paints and emulsions,owns a user-friendly Website.The Website allows customers to upload pictures of their house and select the colors that best match their expectations.DonnelDesigns Inc. ,an interior decoration firm,enters into a partnership with Casca Paints.As a result,customers can now get a complete interior design solution for their homes.This is an example of a(n)_____.​

A)golden handshake
B)​elevator pitch
C)​business acquisition
D)strategic alliance

Question 75

In a buying center,the person who has the formal or informal power to choose or approve the selection of a supplier or brand is known as the _____.

A)decider
B)​purchaser
C)​gatekeeper
D)influencer

Question 76

​_____ is the condition that exists when one party has confidence in an exchange partner's reliability and integrity.

A)Obeya
B)​Trust
C)​Keiretsu
D)Commitment