Question 1

In the context of the context of types of business markets,which of the following statements is true?​

Accepted Answer

The demand for goods and services in the business market is more volatile because it is often dependent on the demand in the consumer market, which can fluctuate based on various factors.

Question 2

Powell Motors is interested in purchasing new air filters for its automobiles.To select a supplier,the company is to consider two characteristics: reliability and durability.The purchase decision lies on the performance score and importance weight of each characteristic.The performance score with respect to reliability of supplier 1,supplier 2,supplier 3,supplier 4,and supplier 5 are 10,9,8,6,and 7,respectively.The performance score with respect to durability of supplier 1,supplier 2,supplier 3,supplier 4,and supplier 5 are 5,7,8,8,and 6,respectively.The company,however,scores the importance weight of reliability as 9 against the score of 8 for durability.According to the multiattribute model,Powell Motors should select _____.​

Accepted Answer

To calculate the overall score for each supplier, we will multiply the performance score with the importance weight and then add them up for both reliability and durability.

For supplier 1: 
Reliability score = 10 * 9 = 90 
Durability score = 5 * 8 = 40 
Overall score = 90 + 40 = 130

For supplier 2: 
Reliability score = 9 * 9 = 81 
Durability score = 7 * 8 = 56 
Overall score = 81 + 56 = 137

For supplier 3: 
Reliability score = 8 * 9 = 72 
Durability score = 8 * 8 = 64 
Overall score = 72 + 64 = 136

For supplier 4: 
Reliability score = 6 * 9 = 54 
Durability score = 8 * 8 = 64 
Overall score = 54 + 64 = 118

For supplier 5: 
Reliability score = 7 * 9 = 63 
Durability score = 6 * 8 = 48 
Overall score = 63 + 48 = 111

Based on the above calculations, Supplier 2 has the highest overall score of 137, which means Powell Motors should select Supplier 2 for purchasing new air filters.

Question 3

Jamie is a salesperson making a sales proposal to a potential customer.During the presentation,she learns that some of the attributes of her product offering will not be able to maximize the buyer's evaluation score when compared to a competitor's offering.Which the following is probably the best strategy for Jamie to follow?​

Accepted Answer

Jamie should attempt to explain why the attributes where her product scores low are not as important, focusing on the strengths and benefits that are more relevant to the buyer's needs.

Question 4

If a buyer mistakenly believes that a competitor's offering has higher level attributes or qualities than it actually does,the salesperson should attempt to:​

Accepted Answer

The salesperson should attempt to correct the buyer's erroneous belief by providing accurate information about the competitor's offering. This will help the buyer make an informed decision and consider the salesperson's offering more favorably. The other options, such as refraining from modifying the offering or altering the importance weights of the buyer's offering, do not address the buyer's mistaken belief and may not lead to a successful sale.

Question 5

Due to the increased interdependence between buyers and sellers and the mutual desire to reduce risk of the unknown:​

Accepted Answer

The increased interdependence between buyers and sellers has led to an increase in buyer-seller interactions and the rise of service expectations of buyers. This is due to the mutual desire to reduce risk of the unknown, which implies a need for more communication and collaboration between buyers and sellers, and a greater emphasis on providing high levels of service to ensure smooth and reliable supply chain operations. Option A is incorrect because short-term relationships may not provide the necessary stability and trust to manage risks effectively in the supply chain. Option B is incorrect because buyers do expect higher levels of service from sellers, as this is a key factor in ensuring that their supply chain is efficient and reliable. Option D is incorrect because the interdependence of buyers and sellers has increased, not reduced, due to factors such as globalization, outsourcing, and increasing competition. Option E is incorrect because supply chain management remains a critical function for ensuring that goods and services are delivered efficiently and effectively to customers.

Question 6

Allied Co.,a technological firm,requires new data servers.Based on the specifications provided by its engineers,Allied Co.has acquired tenders-from several different companies-for the required number of servers.Now,the company should begin:​

Accepted Answer

The company has already acquired tenders from different companies for the required number of servers. Now, the next step is to evaluate these proposals from server providers in order to select the most suitable option for their needs.

Question 7

Reductions in the size of the customer base and increased usage of supply chain management have led to:​

Accepted Answer

Reductions in the customer base and increased supply chain management usage have made buyers and sellers more interdependent, as they rely on each other for efficiency and effectiveness in the supply chain.

Question 8

Jason,a salesperson for Green Tools,proposed a sale of solar panels to Timothy Energy Solutions.Timothy Energy Solutions was not willing to get into business with Green Tools,however,because its manager believed that their solar panels were inferior to the ones supplied by Timothy Energy Solutions' conventional suppliers.Jason presented the findings of a certified research body that compared the various solar panels that are offered by different companies.It was evident from the findings that Green Tools' solar panels were superior to those of other companies.This eventually led Timothy Energy Solutions to buy solar panels from Green Tools.Which of the following strategies was used by Jason to procure the business?​

Accepted Answer

Jason used competitive depositioning strategy by presenting certified research findings to disprove Timothy Energy Solutions' belief that their current suppliers' panels were superior. This helped Jason to change the buyer's perception about Green Tools' solar panels and eventually close the deal.

Question 9

Sarah recently bought a bicycle.After a few days of cycling,she realized that she needs a basket attached to the bicycle in which she could keep her bag and other articles while cycling.Sarah's need of a basket is a _____.​

Accepted Answer

Sarah's need for a basket is a functional need, as it serves a practical purpose of allowing her to carry her bag and other items while cycling. It is not a social need (related to social status or acceptance), a situational need (arising from a specific situation), a knowledge need (related to gaining information or understanding), or a psychological need (related to emotional or mental well-being).

Question 10

Identify one of the strategies used to plan,create,and deliver an effective presentation.​

Accepted Answer

Giving equal importance to all attributes can dilute the importance of critical attributes that are necessary for the success of the product or idea being presented. Identifying and emphasizing the most important attributes helps to create a clear message and focus on the most compelling aspects of the offering. This strategy can improve the effectiveness of the presentation by highlighting the most important features of the product or idea.

Question 11

The overall evaluation scores of a staple pin as per ease of application,strength,durability,reliability,and shelf-life in storage are 85,65,78,75,and 62,respectively.The importance of which of the following attributes is most likely to be deemphasized by a salesperson selling the staple pin?​

Accepted Answer

Since the overall evaluation score for shelf-life in storage is the lowest (62), a salesperson may choose to deemphasize its importance when selling the staple pin. This would make it easier to focus on the other attributes that have higher evaluation scores and that customers may be more interested in.

Question 12

Jason was all set to go home after his day of work.As soon as he stepped out of the office building,it started to rain.Jason wished he had an umbrella,as he walks to and from work,and now he cannot get home without getting drenched in rain.Jason's need of an umbrella is a _____.​

Accepted Answer

A situational need arises due to a specific situation or circumstance, such as unexpected rain. In this case, Jason's need for an umbrella is a situational need since it has arisen due to the situation he finds himself in.

Question 13

In order to be successful in the business market,where buyers are trained to identify suppliers as part of their jobs,salespeople:​

Accepted Answer

In order to be successful in the business market, salespeople need to possess increased levels of knowledge and expertise. This is because buyers are trained to identify suppliers as part of their jobs and they expect salespeople to be well-informed about their products and the industry. Therefore, salespeople need to constantly update their knowledge and stay ahead of the competition in order to be successful.

Question 14

Allen and Spade,a firearms manufacturer,has received a new order for customized hand guns.The company understands that the production of this order will require a new set of machinery.With the help of its engineers,the company has figured out the specifications of the machinery required.Now,the company should begin:​

Accepted Answer

The company should begin by searching for machine manufacturers to find potential suppliers who can provide the required machinery.

Question 15

A business buyer's purchase process ends with:​

Accepted Answer

Performance feedback and evaluation is the final stage in the purchase process for a business buyer. It involves reviewing the results of the purchase and assessing whether the item or service met the needs and specifications of the organization. This stage helps the organization to identify any areas for improvement, and also provides feedback to the supplier.

Question 16

In response to the increasing demand for electronic gadgets with advanced capabilities,Ziff Corp.,an electronic gadget manufacturer,has increased its inventories and plant capacity in order to meet the demand.This increase in inventories and plant capacity due to an increase in demand for electronic gadgets can be best explained by _____.​

Accepted Answer

The acceleration principle explains how an increase in demand for goods can lead to a proportionally larger increase in the investment in inventories and production capacity to meet that demand.

Question 17

Chindanel Hotels,a chain of luxury hotels,wants to install new security systems in all of its franchises.Based on the specifications provided by Chindanel,a few companies have submitted tenders to acquire the contract.Chindanel Hotels has shortlisted one company and has decided to give the contract to it.Now,Chindanel Hotels should begin:​

Accepted Answer

Chindanel Hotels should begin selecting an order routine of the security systems since they have already shortlisted a company to give the contract to, indicating that the evaluation and selection process is complete.

Question 18

Which of the following strategies leads to an effective sales presentation?​

Accepted Answer

The most effective sales presentation strategy is to alter the buyer's beliefs about the proposed offerings when the buyer underestimates the product. This means that the salesperson needs to understand the buyer's needs and address any concerns or doubts the buyer may have about the product offering. The other strategies listed such as retaining the product offering even if it is not a good fit, giving equal importance to all attributes, avoiding neglected attributes, and refraining from altering the buyer's beliefs about the competitor's offerings are not effective sales presentation strategies.

Question 19

Which of the following is a difference between functional needs and psychological needs?​

Accepted Answer

Functional needs are those needs that are instrumental in nature and are sought to solve a particular problem, whereas psychological needs are related to the emotional and social well-being of an individual. Psychological needs can include the need for status, recognition, belongingness, esteem, and self-actualization. Unlike functional needs, psychological needs reflect the desire for feelings of assurance and risk reduction.

Question 20

Which of the following is a difference between situational needs and social needs?​

Accepted Answer

Situational needs are specific to the situation at hand, such as the need for shelter during a storm or food when hungry. Social needs, on the other hand, are related to interactions and relationships with others, such as the need for acceptance or affiliation. Therefore, choice C correctly identifies the difference between the two types of needs.

Quiz 3: Understanding Buyers

In the context of the context of types of business markets,which of the following statements is true?​

If a buyer mistakenly believes that a competitor's offering has higher level attributes or qualities than it actually does,the salesperson should attempt to:​

Due to the increased interdependence between buyers and sellers and the mutual desire to reduce risk of the unknown:​

Allied Co.,a technological firm,requires new data servers.Based on the specifications provided by its engineers,Allied Co.has acquired tenders-from several different companies-for the required number of servers.Now,the company should begin:​

Reductions in the size of the customer base and increased usage of supply chain management have led to:​

Sarah recently bought a bicycle.After a few days of cycling,she realized that she needs a basket attached to the bicycle in which she could keep her bag and other articles while cycling.Sarah's need of a basket is a _____.​

Identify one of the strategies used to plan,create,and deliver an effective presentation.​

The overall evaluation scores of a staple pin as per ease of application,strength,durability,reliability,and shelf-life in storage are 85,65,78,75,and 62,respectively.The importance of which of the following attributes is most likely to be deemphasized by a salesperson selling the staple pin?​

Jason was all set to go home after his day of work.As soon as he stepped out of the office building,it started to rain.Jason wished he had an umbrella,as he walks to and from work,and now he cannot get home without getting drenched in rain.Jason's need of an umbrella is a _____.​

In order to be successful in the business market,where buyers are trained to identify suppliers as part of their jobs,salespeople:​

A business buyer's purchase process ends with:​

Which of the following strategies leads to an effective sales presentation?​

Which of the following is a difference between functional needs and psychological needs?​

Which of the following is a difference between situational needs and social needs?​

In the context of the context of types of business markets,which of the following statements is true?

If a buyer mistakenly believes that a competitor's offering has higher level attributes or qualities than it actually does,the salesperson should attempt to:

Due to the increased interdependence between buyers and sellers and the mutual desire to reduce risk of the unknown:

Allied Co.,a technological firm,requires new data servers.Based on the specifications provided by its engineers,Allied Co.has acquired tenders-from several different companies-for the required number of servers.Now,the company should begin:

Reductions in the size of the customer base and increased usage of supply chain management have led to:

Sarah recently bought a bicycle.After a few days of cycling,she realized that she needs a basket attached to the bicycle in which she could keep her bag and other articles while cycling.Sarah's need of a basket is a _____.

Identify one of the strategies used to plan,create,and deliver an effective presentation.

The overall evaluation scores of a staple pin as per ease of application,strength,durability,reliability,and shelf-life in storage are 85,65,78,75,and 62,respectively.The importance of which of the following attributes is most likely to be deemphasized by a salesperson selling the staple pin?

Jason was all set to go home after his day of work.As soon as he stepped out of the office building,it started to rain.Jason wished he had an umbrella,as he walks to and from work,and now he cannot get home without getting drenched in rain.Jason's need of an umbrella is a _____.

In order to be successful in the business market,where buyers are trained to identify suppliers as part of their jobs,salespeople:

A business buyer's purchase process ends with:

Which of the following strategies leads to an effective sales presentation?

Which of the following is a difference between functional needs and psychological needs?

Which of the following is a difference between situational needs and social needs?