Question 1

Suppose that you are a salesperson making a sales proposal to a potential customer who you know uses a multiattribute model when making buying decisions. During the presentation, you perceive that the buyer underestimates the true qualities of the product offering being proposed. What is probably the best strategy to follow?

Accepted Answer

Altering the buyer's beliefs about the proposed offering is the best strategy to follow. This can be done by providing additional information or evidence that highlights the true qualities of the product offering and its benefits. This may help the buyer to make a more accurate evaluation and increase their perception of the value of the product. It is important to note that modifying the product offering may not always be feasible, and altering the importance weights or beliefs about the competitor's offering may not necessarily address the issue of underestimating the true qualities of the proposed offering.

Question 2

What must buyers remember to do when using the multiattribute model for evaluating suppliers and products?

Accepted Answer

When using the multiattribute model for evaluating suppliers and products, it is important to apply weights indicating the relative importance of each characteristic being evaluated. This helps the buyer to weigh the benefits and drawbacks of each solution alternative and make an informed decision. While contacting potential solution providers and including all benefits associated with various alternatives may be helpful, it is not necessarily required. Interviewing all solution providers may not be practical in some cases.

Question 3

Libby is a salesperson making a sales proposal to a potential customer who uses a multiattribute model when making buying decisions. During the presentation she learns that your product offering will not maximize the buyer's evaluation score in comparison with a competitor's offering. What is probably her best strategy to follow?

Accepted Answer

Modifying the market offer to better suit the buyer's needs is the best strategy to follow in a multiattribute model. This approach may involve adjusting the product features or benefits to better align with the buyer's buying criteria, or developing a customized solution that addresses the buyer's unique needs. This approach is more effective than attempting to exaggerate or downplay the product's attributes, as this may compromise the credibility of the salesperson and harm the buyer's trust. It's also more effective than ending the presentation without disclosing the product's weaknesses, as this may create a sense of distrust or uncertainty in the buyer's mind. Finally, attempting to explain that certain characteristics aren't important may also come across as dismissive or unresponsive to the buyer's needs.

Question 4

What does the acronym RFP stand for?

Accepted Answer

RFP stands for Request for Proposal. It is a document that organizations use to solicit proposals from potential vendors or service providers for a project or procurement need.

Question 5

Suppose that, as a salesperson, you know that one of your potential buyers uses the multi-attribute model when making purchase decisions. Before making your proposal, which of the following should you probably try to accomplish?

Accepted Answer

Understanding the weights of relative importance that the buyer will assign to the desired characteristics is important when using the multi-attribute model, as it takes into account the importance that the buyer places on each attribute when making a purchase decision. This information can then be used to tailor the sales proposal to address the buyer's specific needs and interests. Developing a presentation that includes all benefits is important, but understanding the weights assigned to the attributes is a more crucial step in using the multi-attribute model. Understanding competition strengths and weaknesses can also be useful, but not as necessary as understanding the weights assigned to attributes. The most efficient way to deliver the proposal is not specifically related to the multi-attribute model.

Question 6

Suppose that you are a salesperson making a sales proposal to a potential customer who you know uses a multiattribute model when making buying decisions. During the sales presentation, you perceive that the buyer has unrealistic or mistaken beliefs regarding competitive offerings. What is probably the best strategy to follow?

Accepted Answer

Altering the buyer's beliefs about the competitor's offering is the most direct and effective strategy to address unrealistic or mistaken beliefs regarding competitive offerings. This can help correct any misconceptions and make your product more appealing in comparison.

Question 7

In the business buying process, what is the purpose of soliciting an RFP?

Accepted Answer

The purpose of soliciting an RFP (Request for Proposal) is to offer qualified potential suppliers the opportunity to submit a proposal to provide the products as specified in the previous stage of the buying process. The RFP outlines the buyer's requirements and requests interested suppliers to provide a detailed proposal in response to those requirements. This allows the buyer to compare proposals from multiple suppliers and choose the best solution for their needs.

Question 8

In evaluating business buying decisions, what are the features and characteristics that are related to what the product actually does or is expected to do?

Accepted Answer

Functional attributes are the features and characteristics of a product that are directly related to what it actually does or is expected to do, such as its performance, reliability, ease of use, and quality. Delighter attributes are features that exceed customer expectations, psychological attributes relate to how a product makes the customer feel, and must-have attributes are essential features that customers require in order to consider purchasing the product.

Question 9

Suppose that you are a salesperson making a sales proposal to a potential customer who you know uses a multiattribute model when making buying decisions. Over the course of the sales presentation, it becomes apparent that significant attributes of the product may have been missed or overlooked in the discussion. What is probably the best strategy to follow?

Accepted Answer

Calling attention to neglected attributes allows the salesperson to ensure that the customer is making a fully informed decision and considering all relevant attributes in the multiattribute model. Modifying the product offering may not be feasible or necessary, and altering the buyer's beliefs about the competitor's offering may not be ethical. Altering the importance weights without a solid justification may also be perceived as manipulative.

Question 10

In the business buying process, what is the term for when a salesperson provides information to create a more accurate picture of a competitor's attributes or qualities?

Accepted Answer

Competitive depositioning is the term used when a salesperson provides information to create a more accurate picture of a competitor's attributes or qualities. This can help the buying company make a more informed decision and potentially sway them towards choosing the salesperson's product or service over the competitor's.

Question 11

In evaluating business buying decisions, what are features of the core product that the customer takes for granted, such as reliability, durability, and conformance to specifications?

Accepted Answer

Must-have attributes refers to those features of the core product that the customer takes for granted, such as reliability, durability, and conformance to specifications. These are the basic requirements that must be met for the customer to consider buying the product.

Question 12

Why should a salesperson be familiar with the basic types of buyer needs?

Accepted Answer

Being familiar with the basic types of buyer needs helps the salesperson to ensure that no significant problems or needs have been overlooked during the needs discovery process. This helps in providing the buyer with the best possible product and ensures their satisfaction. It also helps in building trust and credibility with the buyer. The availability of inventory is not related to the knowledge of basic types of buyer needs.

Question 13

Suppose that you are a salesperson making a sales proposal to a potential customer who you know uses a multiattribute model when making buying decisions. Given the detailed product specifications provided by the customer, you know that your product rates exceptionally high on three of the five characteristics but poorly on the remaining two. What is probably the best strategy to follow?

Accepted Answer

Altering the importance weights the customer assigns to different attributes can help emphasize the strengths of your product in the areas where it excels, potentially making it more appealing despite its weaknesses in other areas.

Question 14

What is a postpurchase evaluation process that business buyers use to evaluate a product purchase by using functional and psychological attributes?

Accepted Answer

The two-factor model of evaluation is used by business buyers to assess a product purchase based on both functional and psychological attributes.

Question 15

In the business buying process, what is the term for a procedure for evaluating suppliers and products that incorporates weighted averages across desired characteristics?

Accepted Answer

The term for a procedure for evaluating suppliers and products that incorporates weighted averages across desired characteristics is multiattribute model. This model involves assessing and assigning weights to various attributes or characteristics relevant to the product or supplier, and then evaluating each potential supplier according to these attributes using a scoring system. This allows for a more comprehensive and objective evaluation of suppliers and products, helping to ensure that the organization chooses the best option based on their specific needs and priorities. Options A, C, and D do not specifically refer to this type of evaluation process.

Question 16

According to the textbook, what opportunity is offered to the salesperson by the stage of the buying process where the general characteristics of a solution to a particular problem or need are determined?

Accepted Answer

At this stage, the salesperson can use their knowledge and expertise to assist the buyer in analyzing and interpreting the problem situation and needs. This provides an opportunity for the salesperson to establish themselves as a valuable resource and build credibility with the buyer, ultimately increasing the likelihood of a successful sale.

Question 17

What is the term for a form created by companies and distributed to qualified potential suppliers that helps them to develop and submit proposals to provide products as specified by the firm?

Accepted Answer

A form created by companies and distributed to qualified potential suppliers that helps them to develop and submit proposals to provide products as specified by the firm is called a Request for Proposal (RFP). Options A, C, and D do not accurately describe this process.

Question 18

Which statement best characterizes the difference between consumer buyer needs and business buyer needs?

Accepted Answer

The answer of Which statement best characterizes the difference between...

Question 19

What should the buyer do once he or she has completed phase three of the buying process, describing the characteristics of the item and quantity needed?

Accepted Answer

Once the buyer has completed phase three and knows the characteristics and quantity needed, the next step is to begin searching for and qualifying potential solution providers. This involves researching and identifying potential vendors or suppliers who can provide the desired product at the desired quantity and quality.

Question 20

According to the textbook, what are the primary determinants of customer satisfaction and loyalty in business buying?

Accepted Answer

The answer of According to the textbook, what are the...

Quiz 3: Understanding Buyers