Question 1

Business products experience fairly elastic demand.

Accepted Answer

Business products typically experience inelastic demand because they are often essential for operations, and businesses cannot easily reduce their consumption in response to price changes.

Question 2

There are two types of end user purchases-capital equipment and sundries.

Accepted Answer

False

Question 3

Users in the B2B buying process have enhanced responsibilities in new purchase and modified re-buy situations when product specifications are being set for the purchase decision.

Accepted Answer

In new purchase and modified re-buy situations, users in the B2B buying process are often involved in setting product specifications and have enhanced responsibilities. This is because they typically have a deeper understanding of the technical requirements and functionality needed for the product or service to meet their specific needs. As a result, their input and feedback are crucial in the decision-making process.

Question 4

A buying center is a permanent group of people at a B2B company that decides on each new purchasing decision.

Accepted Answer

A buying center is not a permanent group; it is a temporary and informal group of individuals involved in a particular purchasing decision in a B2B context.

Question 5

It is often the case that the purchase decision itself in the B2B market involves trade-offs between equally important evaluation criteria and equally qualified vendors.

Accepted Answer

This statement is true as the B2B purchase decision involves multiple factors such as price, quality, reputation, and delivery time, and it is often difficult to find a vendor that meets all the criteria perfectly. Therefore, trade-offs are made between evaluation criteria and vendors.

Question 6

Dealing with complaints,resolving customer problems,and making sure the company is meeting customer expectations are critical to ensuring customer satisfaction in the B2B market.

Accepted Answer

Dealing with complaints, resolving customer problems, and meeting customer expectations are all important aspects of maintaining customer satisfaction in the B2B market. Failure to address these concerns can lead to loss of business and damage to the company's reputation.

Question 7

Access to information and relevant individuals in the buying center is controlled by goalkeepers.

Accepted Answer

Access to information and relevant individuals in the buying center is typically controlled by gatekeepers, not goalkeepers.

Question 8

Many people believe marketing is focused primarily on consumers-the ultimate users of the product.The fact that they experience marketing as a consumer contributes to this belief.

Accepted Answer

Many people do believe that marketing is primarily focused on consumers, which is reinforced by their personal experiences as consumers of products and services. However, it's important to note that marketing also encompasses efforts directed at other stakeholders such as business partners, investors, and employees.

Question 9

Business markets tend to concentrate in certain locations in the United States as a result of suppliers wanting to be located close to one another.

Accepted Answer

This phenomenon is known as agglomeration, where businesses in the same industry cluster together to benefit from shared resources, infrastructure, and specialized labor. It can lead to increased innovation, cost savings, and competitiveness for the businesses involved.

Question 10

Risk tolerance is an organizational factor that differs among companies trying to decide on a particular vendor.

Accepted Answer

Risk tolerance varies from company to company and can impact their decision-making process when selecting a vendor. Some companies may be more risk-averse and require vendors with a proven track record, while others may be more willing to take on risks with emerging vendors.

Question 11

It is realistically not possible to separate the individual agendas people bring to the buying center from the purchase decision.

Accepted Answer

The individual agendas people bring to the buying center, such as personal goals or biases, will inevitably influence the purchase decision in some way. While efforts can be made to align everyone's interests and objectives, it is unlikely that all individual agendas can be completely separated from the decision-making process.

Question 12

B2B companies often have a few companies that represent a large portion of their sales.This means that losing one large customer has striking implications for the company.

Accepted Answer

B2B companies typically have a smaller customer base than B2C companies, and oftentimes a few key customers make up a significant amount of their sales revenue. Losing one of these customers can have a major impact on the company's financial stability and growth.

Question 13

When a company wants to create or maintain a strategic relationship with a client company,it will be good for the company if its sales team gets involved with the creation of an RFP with the client.

Accepted Answer

Getting involved in the creation of an RFP (Request for Proposal) with the client can provide the company's sales team with valuable insights into the client's needs and expectations. It can also help the sales team to proactively address the client's concerns and offer tailored solutions, which can lead to a stronger and more strategic relationship with the client.

Question 14

The consumer buying process takes longer and is more complex than the B2B buying process.

Accepted Answer

The B2B buying process often involves multiple decision-makers and requires extensive evaluation of options, negotiations, and due diligence. In contrast, the consumer buying process is generally shorter and less complex, often driven by personal needs or preferences.

Question 15

While many companies operate in the business-to-consumer markets,all companies operate in a business-to-business market.

Accepted Answer

All companies require products, services, or supplies from other businesses, making business-to-business transactions an essential part of their operations.

Question 16

One of the toughest challenges facing salespeople in a new or modified re-buy situation is getting access to the right people.

Accepted Answer

In a new or modified re-buy situation, the salesperson may not have established relationships with the key decision makers, making it challenging to gain access to them.

Question 17

The NAICS codes list all of a particular companies business sectors.A company can be listed in several different categories.

Accepted Answer

The answer of The NAICS codes list all of a...

Question 18

Influencers are any individuals,both inside and outside the organization,with relevant expertise in a particular area that is used by the buying center in making the final decision.

Accepted Answer

Influencers are individuals who have relevant expertise in a particular area and play a role in the decision-making process of the buying center, both inside and outside the organization.

Question 19

A person who acts as an influencer in the buying center cannot be a decider.

Accepted Answer

While it is not necessary that an influencer is always a decider, there can be cases where an influencer has decision-making power or can sway the final decision in their favor. Therefore, it is possible for a person to act as an influencer and also be a decider in the buying center.

Question 20

Customers in the B2B market place demand not only a personal relationship with their vendors but also an efficient one.

Accepted Answer

B2B customers expect a personal connection with their vendors, but they also prioritize efficiency and reliability in their business interactions.

Quiz 6: Understanding Customers: Business-To-Business Markets