Question 1

Wholesalers and retailers that buy physical products and resell them without any reprocessing are

Accepted Answer

Wholesalers and retailers that buy physical products and resell them without any reprocessing are known as reseller firms in marketing.

Question 2

The North American Industry Classification System (NAICS) system designates industries with a numerical code in a defined structure.A six-digit coding system is used.The third digit designate a(n)

Accepted Answer

The third digit in the NAICS code represents the subsector of the economy.

Question 3

The system that provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three member countries of the North American Free Trade Agreement (NAFTA) is referred to as

Accepted Answer

NAICS is the system that provides common industry definitions for Canada, Mexico, and the United States, enabling the measurement and comparison of economic activity in the three member countries of NAFTA. The other options listed are not relevant or existent in this context.

Question 4

North American Industry Classification System (NAICS) refers to

Accepted Answer

The North American Industry Classification System (NAICS) provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three countries of the North American Free Trade Agreement (NAFTA).

Question 5

The International Standard Industrial Classification of All Economic Activities, published by the __________ to facilitate global economic activity, is similar in form to the North American Industry Classification system (NAICS).

Accepted Answer

The International Standard Industrial Classification of All Economic Activities is published by the United Nations to facilitate global economic activity. It is similar in form to the North American Industry Classification System (NAICS).

Question 6

Itex Corporation, marketer of Photostat products used in the graphic arts field, buys sensitized paper from Eastman Kodak Company, packages it with the Photostat brand name on it, and sells it directly to amateur photographers.In this context, Itex Corporation is most accurately classified as a

Accepted Answer

Itex Corporation buys the sensitized paper from Eastman Kodak Company and packages it with their own brand name, and then sells it directly to amateur photographers. In this scenario, Itex Corporation is not involved in manufacturing the product, but rather buys and resells it under their own brand name. Hence, Itex Corporation is a reseller.

Question 7

The reseller market includes

Accepted Answer

The reseller market includes retailers and wholesalers who purchase goods from manufacturers and sell them to end consumers or other businesses. The other options such as transportation providers and government agencies are part of the supply chain but not necessarily the reseller market.

Question 8

The North American Industry Classification System (NAICS) system designates industries with a numerical code in a defined structure.A six-digit coding system is used.The fourth digit represents a(n)

Accepted Answer

The answer of The North American Industry Classification System (NAICS)...

Question 9

Mile High Frozen Foods is a distributor for McDonalds.They also bake the buns used by McDonalds in several states.They purchase flour, yeast, sesame seeds, manufacture the buns, and then distribute them to the McDonald's stores.Mile High Frozen Foods is operating in a(n) __________ market.

Accepted Answer

Mile High Frozen Foods purchases ingredients and manufactures buns to distribute to McDonald's stores, making them an industrial market.

Question 10

In terms of organizational buyers, Amazon.com, Lands' End, and JCPenney would all be classified as __________.

Accepted Answer

Amazon.com, Lands' End, and JCPenney are all retailers, which make them resellers in the context of organizational buyers.

Question 11

The North American Industry Classification System (NAICS) system designates industries with a numerical code in a defined structure.A six-digit coding system is used.The first two digits designate a(n)

Accepted Answer

The first two digits in the NAICS system designate the sector of the economy, not a specific industry or subsector of the economy.

Question 12

FIGURE 6-1 
-The NAICS Logo (see Figure 6-1 above) provides common industry definitions for

Accepted Answer

The NAICS (North American Industry Classification System) is used by Canada, Mexico, and the United States to provide common industry definitions.

Question 13

FIGURE 6-1 
-The acronym on the NAICS Logo (see Figure 6-1 above) stands for

Accepted Answer

The acronym on the NAICS Logo stands for North American Industry Classification System.

Question 14

When Louisiana State University buys new laptops for its faculty it is operating as a(n)

Accepted Answer

The answer of When Louisiana State University buys new laptops...

Question 15

Which of the following statements about the North American Industry Classification System (NAICS) is most accurate?

Accepted Answer

NAICS groups economic activity to permit studies of market share, demand for goods and services, import competition in domestic markets, and similar studies. Option A is incorrect as NAICS was introduced in 1997 as a replacement for the SIC system. Option B is incorrect as NAICS accurately measures new and emerging industries. Option C is incorrect as NAICS is consistent with the International Standard Industrial Classification of All Economic Activities published by the United Nations (UN). Option E is incorrect as NAICS is a six-digit code.

Question 16

Federal, state, and local agencies that buy goods and services for the constituents they serve are referred to as

Accepted Answer

Federal, state, and local agencies that buy goods and services for the constituents they serve are commonly referred to as government units.

Question 17

The North American Industry Classification System (NAICS) permits a firm to

Accepted Answer

The North American Industry Classification System (NAICS) categorizes businesses into industry sectors, which helps firms find the NAICS codes of their current customers and obtain lists of similar firms. This allows businesses to target potential customers and expand their customer base.

Question 18

The North American Industry Classification System (NAICS) system designates industries with a numerical code in a defined structure.A six-digit coding system is used.The sixth digit designate a(n)

Accepted Answer

The sixth digit in the NAICS code specifies an individual country-level national industry, allowing for country-specific detail within the broader industry classification.

Question 19

When the Federal Aviation Administration purchases 3,000 computerized workstations for 22 major air traffic control centers in the U.S., it is operating as a(n)

Accepted Answer

The Federal Aviation Administration is a government unit purchasing equipment for their own use, making this a government market. It is not an industrial or business market, as these typically involve purchases made by private companies for their own use or for resale. Facilitating agents and service providers are not applicable in this scenario.

Question 20

Graham-Field Health Products makes hospital beds and wheelchairs from component parts and materials it buys.It sells its products to hospitals, nursing homes, and retailers of health care products.Graham-Field Health Products operates in a(n) __________ market.

Accepted Answer

Graham-Field Health Products operates in an industrial market because it purchases component parts and materials to manufacture and sell hospital beds and wheelchairs to other businesses such as hospitals, nursing homes, and retailers of health care products. It is not a consumer-dominated market because the products are not sold directly to individual consumers. It is also not a government market because it does not exclusively sell to government agencies. The options of sustainable and renewable resource are not relevant to the type of market it operates in.

Quiz 6: Understanding Organizations As Customers