Question 1

Whether targeting consumers or resellers,marketers need to focus on

Accepted Answer

Creating value for customers is essential for successful marketing, regardless of whether the target audience is consumers or resellers. By providing value to customers, marketers can build brand loyalty and drive repeat business, leading to increased sales and profitability. The other options, such as buying center synergy, private exchange efficiency, and corporate profit sharing, while important in certain contexts, are not as relevant to the overall goal of creating value for customers. Reducing derived demand is also a niche concept that is not as broadly applicable to marketing strategy.

Question 2

Derek bought a pick-up truck to transport his equipment to fishing tournaments.He also bought a pick-up for his lawn maintenance business.His purchases were

Accepted Answer

Derek's purchase of a pick-up truck for his equipment for fishing tournaments is a B2C purchase. This is because he is buying the truck for his personal use, and not for resale or further business purposes. 
His purchase of a pick-up truck for his lawn maintenance business is a B2B purchase. This is because he is buying the truck for the purpose of conducting his business and providing services to his customers.

Question 3

Business-to-business marketing refers to buying and selling goods or services to be used by final consumers.

Accepted Answer

Business-to-business marketing specifically refers to transactions between two businesses, rather than buying and selling goods or services for use by final consumers.

Question 4

An architect working for a large firm requests specific computer software to produce designs,drawings,and other technical information for his clients.The architect probably serves as a gatekeeper in the buying center.

Accepted Answer

The answer of An architect working for a large firm...

Question 5

Resellers differ from producers in that resellers significantly alter the form of goods they sell.

Accepted Answer

Resellers do not significantly alter the form of goods they sell. They simply buy products from producers and sell them on to consumers, often adding their own markup or value-added services. Producers, on the other hand, are responsible for creating and manufacturing the goods themselves.

Question 6

Business-to-business marketing involves buying and selling goods or services by all of the following EXCEPT

Accepted Answer

Business-to-business marketing involves the buying and selling of goods or services between businesses, not consumers. The other options listed (manufacturers, retailers, producers, wholesalers) are all involved in B2B transactions.

Question 7

In both new buy and straight rebuy situations,all members of a buying center will be intensely involved in the purchasing decision.

Accepted Answer

The answer of In both new buy and straight rebuy...

Question 8

A university's purchasing department is required to get at least three bids for any purchase greater than $3,000.This requirement is used to keep suppliers "on their toes."

Accepted Answer

The statement is true. The university's purchasing department is required to get at least three bids for any purchase greater than $3,000 to ensure competition among suppliers and obtain the best value for the university. This requirement keeps suppliers "on their toes" and encourages them to submit competitive bids.

Question 9

A buying center whose members reach a decision based on a collective agreement is known as an autocratic buying center.

Accepted Answer

An autocratic buying center is one where the purchasing decision is made by one or a few members, without input or consensus from the rest of the group. In contrast, a democratic buying center is one where decisions are made collectively, with input from all members, until a consensus is reached.

Question 10

Paula has developed a successful business selling appliances to homebuilders.She carefully monitors the issuance of new home permits to anticipate how many appliances she will need to buy in order to supply her customers.Paula is concerned with __________.

Accepted Answer

Paula's concern with monitoring new home permits in order to know how many appliances to buy indicates that she is dealing with derived demand, which refers to the demand for goods that results from the demand for another good or service. In this case, the demand for appliances is derived from the demand for new homes being built, which will need appliances to be installed. Therefore, option D, derived demand, is the best choice.

Question 11

The RFP process is used by buyers to allow customer input into value creation.

Accepted Answer

The RFP (Request for Proposal) process is used by buyers to solicit proposals from potential suppliers or service providers, primarily to evaluate their offerings and capabilities, not specifically to allow customer input into value creation.

Question 12

Sales of electric components manufactured by Rick's company depend on sales of new cars.Rick's company faces __________ demand.

Accepted Answer

The scenario described indicates that the demand for electric components manufactured by Rick's company is dependent on the sales of new cars. Therefore, the demand for Rick's company's products is derived from the demand for new cars, making it a derived demand. Therefore, the correct answer is E.

Question 13

Jackie works as a sales rep for a company that produces and sells steel used in building construction.Jackie is in __________ sales.

Accepted Answer

B2B stands for business-to-business, which means that Jackie is selling to other businesses rather than individual customers (B2C) or consumers (C2C). The fact that Jackie is selling steel used in building construction supports this, as it would be unlikely for individual consumers to purchase such products. G2B and G2G are not relevant as they refer to government-related sales, which is not mentioned in the scenario.

Question 14

Most B2B buying situations can be categorized into three categories: new buys,structured rebuys,and automatic rebuys.

Accepted Answer

The answer of Most B2B buying situations can be categorized...

Question 15

B2B marketing involves manufacturers,wholesalers,and service firms.

Accepted Answer

B2B marketing involves marketing strategies and activities aimed at businesses that manufacture, wholesale or provide services to other businesses instead of individual consumers.

Question 16

The final step of the business-to-business buying process is a formal vendor analysis.

Accepted Answer

A formal vendor analysis is a crucial step in the business-to-business buying process, where the buyer evaluates the potential vendors based on various factors such as price, quality, delivery time, reputation, etc. This analysis helps the buyer make an informed decision and select the best vendor for their business needs.

Question 17

The B2B buying process tends to be more formal than B2C buying.

Accepted Answer

B2B buying typically involves multiple decision makers and more complex purchasing procedures, requiring a more formal approach compared to B2C buying which is often more impulsive and emotional.

Question 18

A small business decides to upgrade its aging phone system.The business will probably place a straight rebuy order.

Accepted Answer

Since the small business is upgrading its aging phone system, it is likely that they will evaluate different options and vendors before making a purchase decision. This means that it is not a straight rebuy order, which is a routine purchase of the same product from the same supplier without any significant evaluation or consideration.

Question 19

Organizational culture may vary by geography.

Accepted Answer

Organizational culture can vary based on factors such as regional values, traditions, and customs. Cultural differences can impact everything from communication styles to decision-making processes within an organization.

Question 20

Nearly all small businesses have consensus buying centers.

Accepted Answer

The answer of Nearly all small businesses have consensus buying...

Quiz 7: Business-To-Business Marketing