Question 1

In systems buying,the U.S.government often solicits bids from prime contractors.What do prime contractors do?

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Question 2

Business buyers may get new ideas at a trade show,see an ad,or receive a call from a sales representative who offers a better product or a lower price compared to the current in-supplier.These situations spur the ________ buyphase.

Accepted Answer

The situation in the question describes the problem recognition phase of the business buying process, where a buyer realizes they have a problem or a need and begins to seek out solutions.

Question 3

Define organizational buying.

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Question 4

The business market consists of all the organizations that acquire goods and services used in the production of other products or services that are sold,rented,or supplied to others.List the major industries that make up the business market.

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Question 5

Webster and Wind call the decision-making unit of a buying organization the buying center.What is the composition of the buying center?

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Question 6

Explain the concept of derived demand.

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Question 7

Selling to small businesses presents a huge opportunity and huge challenges.What are some of the challenges of selling to small businesses?

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Question 8

In the ________ method for assessing customer value,customers are asked how costs of using a new product compared to those of using an incumbent.

Accepted Answer

The field value-in-use assessment method involves asking customers about the costs of using a new product compared to those of using an incumbent, making option C the correct choice. Direct survey, importance ratings, benchmarking, and conjoint analysis do not specifically involve asking about cost comparisons in the same way as the field value-in-use assessment method.

Question 9

The new,more strategically oriented purchasing departments have a mission to ________.

Accepted Answer

The new, strategically oriented purchasing departments focus on seeking the best value from a smaller pool of trusted suppliers rather than solely seeking the lowest bid. This approach leads to long-term cost savings and improved supplier relationships. Options A, D, and E are not necessarily the mission of the new purchasing departments.

Question 10

If you were a purchasing agent facing a modified rebuy situation,how would you describe that situation?

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Question 11

Consider yourself as an upper-level marketing executive of a large seller of fleet trucks.Which of the following strategies would be most appropriate in reaching buying center targets?

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Question 12

The closest relationships between customers and suppliers arise when ________.

Accepted Answer

When supply is important to the customer, they are more likely to develop a closer relationship with their supplier. This is because they rely on the supplier to provide them with the goods or services they need to keep their business running smoothly. In such cases, there is a greater need for communication, trust, and reliability between the customer and the supplier. The other options provided (B, C, and D) are not relevant to the development of a close customer-supplier relationship.

Question 13

Value Central gives certain suppliers 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

This relationship is collaborative because both parties are working together to optimize sales and inventory management. Value Central shares sales data with suppliers to help them make better decisions about managing inventory, and the suppliers are responsible for ensuring that their products are always in stock at Value Central stores. This requires a high degree of cooperation and collaboration between the two parties.

Question 14

Systems selling is a key industrial marketing strategy in bidding to build large-scale industrial projects.Competition for these projects is fierce.What are the main areas of competition for these project engineering firms?

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Question 15

The Tuxax Company has decided that handling price-oriented buyers can be profitable under certain conditions.Conditions that would make good sense for Tuxax Company would be all of the following EXCEPT ________.

Accepted Answer

The other options listed (limiting quantity, no services, no adjustments, no refunds) all involve cost-saving measures that would make it more profitable for Tuxax to handle price-oriented buyers. However, not providing packaging or crating could actually cost Tuxax more in damaged goods or customer complaints, making it an unlikely choice for a profitable condition for handling price-oriented buyers.

Question 16

Many firms depend on the opinions and experiences of others in evaluating a new business proposal from a new company.Identify five keys to successfully developing customer reference stories to respond to these demands.

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Question 17

Explain how fluctuating demand impacts business markets differently than consumer markets.

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Question 18

The relationship between an company and its office supplies vendor is probably best described as ________.

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Question 19

In reordering office supplies,the only buyphases that the buyer passes through are the product specification phase and the ________ phase.

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Question 20

Hendrix Voeders sales consultants help farmers deliver an incremental animal weight gain of 5% to 10% over competitors.This is an example of ________.

Accepted Answer

The statement mentions that Hendrix Voeders sales consultants help farmers achieve a higher weight gain for their animals, leading to increased revenue for the farmers. This indicates that the company is practicing solutions selling to enhance customer revenues. The other options, reducing costs, decreasing risks, and simplifying purchasing, are not mentioned in the statement.

Quiz 7: Analyzing Business Markets