Question 1

As part of the buyer selection process, buying centers must decide how many suppliers to use. What might motivate a buyer to use multiple sources?

Accepted Answer

The answer of As part of the buyer selection process,...

Question 2

According to research studies, the closest relationships between customers and suppliers arise when ________.

Accepted Answer

When supply is important to the customer and there were procurement obstacles, it means that the customer values the supplier and is willing to work closely with them to overcome any barriers to procurement. This leads to a close relationship between the customer and the supplier.

Question 3

Many business buyers prefer to buy a total solution to a problem from one seller. This process is also known as ________.

Accepted Answer

Systems buying refers to the practice of buying a complete solution from a single seller who can satisfy all of the buyer's needs. This can be more convenient and efficient for the buyer than purchasing multiple components from multiple sellers and then having to integrate them into a solution on their own.

Question 4

Orica Inc. competes in the market for commercial explosives. The company recently changed its business model from just selling explosives to managing an entire blast in a quarry. This customer-solution-based approach to the sale of explosives is an example of ________.

Accepted Answer

This customer-solution-based approach to the sale of explosives is an example of systems selling, which involves offering a comprehensive solution to a customer's problem or need, rather than just selling individual products.

Question 5

If Ampex Support Systems is the single supplier for a local manufacturing company's MRO (maintenance, repair, operating) supplies and needs, Ampex Support Systems is considered as providing ________ for the manufacturer.

Accepted Answer

Systems contracting refers to an arrangement where a single supplier provides a comprehensive package of goods and services to the customer, such as maintenance, repair, and operating supplies, under a contract. This is what Ampex Support Systems is doing for the local manufacturing company.

Question 6

The relationship between a company and its office supplies vendor where competition rather than cooperation is the dominant form of governance is probably best described as ________.

Accepted Answer

The answer of The relationship between a company and its...

Question 7

The partners in ________ systems are united in operational ways, but neither demonstrates structural commitment through legal means or adaptation.

Accepted Answer

The answer of The partners in ________ systems are united...

Question 8

Value Central has a partnership of high trust and commitment with certain suppliers and gives them access to its sophisticated and detailed daily, individual store-based sales data. In exchange, those suppliers are responsible for managing Value Central's inventory of their products. This relationship is best described as ________.

Accepted Answer

The relationship between Value Central and its suppliers is collaborative because both parties work together to manage inventory and sales data. It is not a basic buying and selling relationship because there is a mutual exchange of services and information. It is not a contractual transaction because the relationship goes beyond a simple agreement and involves ongoing cooperation. It is not customer supply because the suppliers are managing Value Central's inventory, not the other way around. It is not customer is king because the focus is on collaboration between the two parties rather than one party having ultimate control.

Question 9

In the ________ category of buyer-supplier relationships, competition rather than cooperation is the dominant form of governance.

Accepted Answer

The answer of In the ________ category of buyer-supplier relationships,...

Question 10

In the buygrid framework model, where the major stages of the industrial buying process are listed and characterized, supplier selection is an important process. What follows supplier selection and what occurs in this phase?

Accepted Answer

The answer of In the buygrid framework model, where the...

Question 11

Which of the following is a form of cheating or undersupply relative to an implicit or explicit contract which usually takes place when buyers cannot easily monitor supplier performance?

Accepted Answer

Opportunism refers to actions taken by a supplier to cheat or undersupply a buyer relative to an implicit or explicit contract. This often occurs in situations where the buyer cannot easily monitor the supplier's performance. Institutional sale, business buying, vertical integration, and contractual transactionism do not necessarily involve cheating or undersupply.

Question 12

Which of the following relationships is characterized by much trust and commitment leading to a true partnership?

Accepted Answer

The collaborative relationship is characterized by much trust and commitment leading to a true partnership, where both parties work towards common goals and benefits. In contrast, the other options (mutually adaptive, basic buying and selling, customer supply, and cooperative systems) are less focused on fostering a true partnership and may prioritize individual needs or transactions.

Question 13

In the ________ category of buyer-supplier relationship, although bonded by a close, cooperative relationship, the seller adapts to meet the customer's needs without expecting much adaptation or change on the part of the customer in exchange.

Accepted Answer

In the "customer is king" category of buyer-supplier relationship, the seller is highly adaptive to meet the customer's needs, often without expecting the customer to make significant adaptations in return. This relationship is characterized by the seller's willingness to go above and beyond to satisfy the customer's demands, prioritizing the customer's preferences and requirements.

Question 14

The type of buyer-supplier relationship in which buyers and sellers make many relationship-specific adaptations, but without necessarily achieving strong trust or cooperation, is referred to as ________.

Accepted Answer

Mutually adaptive relationships involve both buyers and sellers making specific adaptations to meet each other's needs. However, these adaptations do not necessarily mean that there is a high level of trust or cooperation beyond what is needed for the specific transactions.

Question 15

Which of the following companies used the slogan, "The Power to Know^®" to connect with C-level executives in the largest companies?

Accepted Answer

The slogan "The Power to Know^®" is associated with SAS, a company that provides analytics software and services. The slogan highlights the company's focus on providing powerful insights and knowledge to help C-level executives make more informed decisions.

Question 16

Which of the following is true about branding efforts at NetApp?

Accepted Answer

The passage mentions that Landor created a new identity, architecture, and tagline for NetApp in 2008. There is no mention of the organization of branding efforts in 2007, whether branding is not important for B2B marketers, or the role of Frankensites in branding efforts. While the passage does mention new websites for NetApp, it does not mention their effect on sales leads.

Question 17

A ________ relationship is a cooperative one where the seller adapts to meet the customers' needs without expecting much adaptation or change in exchange.

Accepted Answer

The phrase "customer is king" reflects a relationship where the seller prioritizes the customer's needs and preferences, often going to great lengths to satisfy them without expecting the customer to adapt or change in return. This aligns with the description given.

Question 18

________ is a key industrial marketing strategy in bidding to build large-scale industrial products such as dams, pipelines, etc.

Accepted Answer

Systems selling is a strategy often used in industrial marketing where the seller offers a comprehensive solution, including all necessary products and services, to build large-scale projects. This approach is particularly relevant for complex projects such as dams, pipelines, etc., where the buyer benefits from a single point of responsibility for the delivery of the entire project.

Question 19

________ investments are those expenditures tailored to a particular company and value chain partner.

Accepted Answer

Specific investments are tailored to a particular company and/or value chain partner, unlike generalized investments that benefit multiple partners or sectors.

Question 20

Xerox offers a ________ approach to prospective clients when it offers a complete turnkey solution, including the operation and management of the client's information and communication need.

Accepted Answer

Xerox is providing a comprehensive solution that includes both the product and the service aspect of managing the client's needs, which is referred to as "systems buying." This approach involves offering a complete package or system solution rather than just a product.

Quiz 7: Analyzing Business Markets