Question 1

Being _____ means that customer satisfaction and operational efficiency are the order of the day for every department and individual employee or associate.

Accepted Answer

Market-driven means that the focus is on meeting the needs and demands of customers, which results in high levels of customer satisfaction. This approach also emphasizes efficient operations to ensure that customer demands are met in a timely and cost-effective manner. Being market-driven can lead to increased profits, but the primary focus is on meeting customer needs rather than maximizing profits. Product-driven, sales-driven, and technology-driven approaches may prioritize specific aspects over customer satisfaction and operational efficiency. Profit-driven approaches may prioritize maximizing profits over customer satisfaction and operational efficiency.

Question 2

All the following types of customers purchase products for consumption EXCEPT:

Accepted Answer

Brokers do not purchase products for consumption, but rather facilitate transactions between buyers and sellers.

Question 3

Users are similar to final consumers in that:

Accepted Answer

Both users and final consumers are driven by the satisfaction they derive from consuming a product, and their ultimate purchasing decision is based on that satisfaction. However, users are typically businesses or organizations that purchase products to incorporate them into their own final product or use them in their operations, whereas final consumers purchase products primarily for personal use. The other answer choices are incorrect as they do not properly distinguish between users and final consumers.

Question 4

All the following are ways in which business marketing differs from consumer marketing EXCEPT:

Accepted Answer

The Web plays a significant role in both business marketing and consumer marketing, and is often integrated into their respective strategies. Therefore, the statement "The Web is not integrated" is incorrect and does not accurately represent a difference between the two types of marketing.

Question 5

Increasingly,organizational survival depends upon firms being:

Accepted Answer

In today's competitive market, organizations need to be market-driven to survive. This means being customer-oriented and understanding their needs and preferences, as well as keeping a close eye on industry and market trends to stay ahead of the competition. While the other options may be important to some extent, being market-driven is essential for long-term survival.

Question 6

Identify the largest single purchaser of products and services in the United States.

Accepted Answer

The U.S. government is the largest single purchaser of products and services in the United States, buying a wide range of goods and services from various sectors.

Question 7

These members of an organization are specifically responsible for coordinating their company's efforts at satisfying their customers.

Accepted Answer

Salespeople are directly involved in communicating with customers, understanding their needs, and ensuring those needs are met, making them responsible for coordinating efforts to satisfy customers.

Question 8

When a company purchases a product or service to be included in its own final product,the company is called a(n)

Accepted Answer

An original equipment manufacturer (OEM) is a company that purchases products or services to be included in its own final product.

Question 9

_____ means that at many organizations,individuals with complementary expertise and skills work in teams to constantly strive to serve organizational customers better,to innovate and to develop the means to approach new institutional markets.

Accepted Answer

The description given in the statement is of a market-driven approach, in which teams work together to innovate and serve customers better in order to approach new markets. The other options (product-driven, profit-driven, technology-driven, and sales-driven) do not specifically match the scenario described.

Question 10

Business marketers do NOT sell to:

Accepted Answer

The given options include all the potential target markets for business marketers except individual consumers. Business marketers typically sell their products or services to other companies, government bodies, institutions, and service providers. Therefore, the correct answer is E.

Question 11

OEMs are BEST described as:

Accepted Answer

The answer of OEMs are BEST described as:
...

Question 12

Which of the following is NOT a valid reason for studying business marketing?

Accepted Answer

It is incorrect to say that business marketing is the same as consumer marketing. Therefore, E is not a valid reason for studying business marketing.

Question 13

Resellers include all of the following EXCEPT:

Accepted Answer

Government agencies are not typically considered resellers as they are not selling products or services to end customers for a profit.

Question 14

Which of the following statements about buyer-seller relationships in business marketing is TRUE?

Accepted Answer

Many companies focus on building relationships that enable buyers and sellers to plan jointly. This helps to ensure that both parties can anticipate each other's needs and work together to meet them, leading to a more successful long-term partnership. While personal relationships may not always be extremely close, there is typically some level of rapport and trust that develops over time. Personal selling can also be an important element of the marketing mix, especially in industries where the products or services being sold require a high level of expertise or customization. Finally, some companies do enter into long-term contracts with suppliers, recognizing that the benefits of such a contract (e.g. more stable pricing, guaranteed supply) can outweigh the risks.

Question 15

BASF sells fibers direct to Dupont for the manufacture of carpet and through distributors to smaller companies.This example shows that business marketing is characterized by _____ compared to consumer marketing.

Accepted Answer

Business marketing typically involves shorter distribution channels compared to consumer marketing, as businesses often purchase directly from manufacturers or through a limited number of wholesalers or distributors.

Answer: E 
 Business marketing often places a greater emphasis on personal selling, as the selling process may involve building relationships with key decision-makers within a company. However, in the given example, BASF is selling through distributors to smaller companies, indicating that personal selling may be less important in this particular situation.

Question 16

Why is the demand for business products dependent ultimately on individual consumers?

Accepted Answer

Business markets consume products in the process of making other products. Ultimately, this process is driven by the demand of individual consumers for the final products that are made by businesses. Therefore, the demand for business products is dependent on the demand for the final products among individual consumers.

Question 17

BASF salespeople work directly with fire departments to sell the latest fire-fighting chemicals and ensure that they are used properly.This example shows that business marketing is characterized by _____ compared to consumer marketing.

Accepted Answer

The example given in the question implies that business marketing places greater emphasis on personal selling compared to consumer marketing.

Question 18

In business marketing,large customer size and use of direct channels increase the importance of:

Accepted Answer

Negotiation becomes more important in business marketing with large customer size and the use of direct channels because direct interactions with large customers often involve detailed discussions about prices, terms, and conditions, making negotiation skills crucial.

Question 19

In terms of personal selling,which of the following statements is TRUE?

Accepted Answer

Complex buying procedures involving many members of the buying organization require personal selling. Personal selling is important when the buying process involves multiple decision-makers and a high degree of customization, as it allows the salesperson to build personal relationships with customers and provide tailored solutions to their specific needs. A and C are not true as personal selling can play a significant role in building relationships and coordinating the sales-purchase process. D and E are also not true as customer size and channel can affect the negotiation process.

Question 20

When purchasing products/services to be consumed in support of the firm's operation,the firm is BEST described as a(n):

Accepted Answer

A user refers to a company that purchases products or services for their own use within their own operations, rather than for resale or distribution. As such, the firm is a user if they are purchasing products/services to support their own operations.

Quiz 1: Introduction to Business Marketing