Question 1

The type of buyer-supplier relationship in which buyers and sellers make many relationship-specific adaptations, but without necessarily achieving strong trust or cooperation, is referred to as ________.
A) the customer is king
B) mutually adaptive
C) collaborative
D) contractual transaction
E) customer supply

Accepted Answer

Mutually adaptive relationships involve both buyers and sellers making specific adaptations to meet each other's needs. However, these adaptations do not necessarily mean that there is a high level of trust or cooperation beyond what is needed for the specific transactions.

Question 2

Which of the following companies used the slogan, "The Power to Know^®" to connect with C-level executives in the largest companies? A) Lincoln Electric B) NetApp C) SAS D) Medline E) Plexco

Accepted Answer

The slogan "The Power to Know^®" is associated with SAS, which is a company that provides analytics software and solutions for businesses. This slogan emphasizes the importance of data and how SAS can help provide insights and knowledge to C-level executives in large companies.

Question 3

According to research studies, the closest relationships between customers and suppliers arise when ________.
A) supply is important to the customer and there were procurement obstacles
B) procurement is simple
C) there are many undifferentiated vendors in the marketplace
D) the customer is highly price sensitive
E) the suppliers charge a premium for their products

Accepted Answer

When supply is important to the customer and there were procurement obstacles, it creates a situation where the customer and supplier must rely on each other to overcome the obstacles, leading to a closer relationship.

Question 4

Xerox offers a ________ approach to prospective clients when it offers a complete turnkey solution, including the operation and management of the client's information and communication need.
A) guided selling
B) fair trading
C) systems buying
D) cross-selling
E) local purchasing

Accepted Answer

Xerox is providing a comprehensive solution that includes both the product and the service aspect of managing the client's needs, which is referred to as "systems buying." This approach involves offering a complete package or system solution rather than just a product.

Question 5

If Ampex Support Systems is the single supplier for a local manufacturing company's MRO (maintenance, repair, operating) supplies and needs, Ampex Support Systems is considered as providing ________ for the manufacturer.
A) guided selling
B) purchasing support
C) turnkey logistics
D) decision support
E) systems contracting

Accepted Answer

Systems contracting refers to an arrangement where a single supplier provides a comprehensive package of goods and services to the customer, such as maintenance, repair, and operating supplies, under a contract. This is what Ampex Support Systems is doing for the local manufacturing company.

Question 6

In the ________ category of buyer-supplier relationship, although bonded by a close, cooperative relationship, the seller adapts to meet the customer's needs without expecting much adaptation or change on the part of the customer in exchange.
A) contractual transaction
B) cooperative system
C) collaborative
D) mutually adaptive
E) customer is king

Accepted Answer

In the "customer is king" category of buyer-supplier relationship, the seller is highly adaptive to meet the customer's needs, often without expecting the customer to make significant adaptations in return. This relationship is characterized by the seller's willingness to go above and beyond to satisfy the customer's demands, prioritizing the customer's preferences and requirements.

Question 7

Many business buyers prefer to buy a total solution to a problem from one seller. This process is also known as ________.
A) channel consolidation
B) systems buying
C) vertical buying
D) horizontal buying
E) supply buying

Accepted Answer

Systems buying refers to the process where a buyer purchases a total solution to a problem from one seller. This includes buying all the products, services, and support necessary to address the buyer's needs. Systems buying is common in complex purchases, where a buyer seeks a complete solution rather than individual components from different vendors.

Question 8

Which of the following is true about branding efforts at NetApp?
A) The company's branding efforts were well organized in 2007.
B) Landor created a new identity, architecture, and tagline for it in 2008.
C) NetApp shows that business-to-business marketers do not need to worry about branding.
D) Frankensites helped organize branding efforts.
E) New Web sites for NetApp did not affect sales leads from inquiries.

Accepted Answer

According to the given options, the only true statement about branding efforts at NetApp is that Landor created a new identity, architecture, and tagline for it in 2008. Options A, C, D, and E are either false or not mentioned in the given text.

Question 9

In the buygrid framework model, where the major stages of the industrial buying process are listed and characterized, supplier selection is an important process. What follows supplier selection and what occurs in this phase?

Accepted Answer

The answer of In the buygrid framework model, where the...

Question 10

Which of the following is a form of cheating or undersupply relative to an implicit or explicit contract which usually takes place when buyers cannot easily monitor supplier performance?
A) institutional sale
B) business buying
C) opportunism
D) vertical integration
E) contractual transactionism

Accepted Answer

Opportunism refers to the act of cheating or undersupply in a business transaction when there is no easy method to monitor supplier performance.

Question 11

In the ________ category of buyer-supplier relationships, competition rather than cooperation is the dominant form of governance.
A) basic buying and selling
B) bare bones
C) contractual transaction
D) customer supply
E) collaborative

Accepted Answer

The answer of In the ________ category of buyer-supplier relationships,...

Question 12

________ is a key industrial marketing strategy in bidding to build large-scale industrial products such as dams, pipelines, etc.
A) Systems contracting
B) Systems buying
C) Systems selling
D) Solutions buying
E) Turnkey logistics

Accepted Answer

Systems selling is a strategy often used in industrial marketing where the seller offers a comprehensive solution, including all necessary products and services, to build large-scale projects. This approach is particularly relevant for complex projects such as dams, pipelines, etc., where the buyer benefits from a single point of responsibility for the delivery of the entire project.

Question 13

As part of the buyer selection process, buying centers must decide how many suppliers to use. What might motivate a buyer to use multiple sources?

Accepted Answer

The answer of As part of the buyer selection process,...

Question 14

A ________ relationship is a cooperative one where the seller adapts to meet the customers' needs without expecting much adaptation or change in exchange.
A) customer supply
B) cooperative system
C) bare bones
D) customer is king
E) collaborative

Accepted Answer

The phrase "customer is king" reflects a relationship where the seller prioritizes the customer's needs and preferences, often going to great lengths to satisfy them without expecting the customer to adapt or change in return. This aligns with the description given.

Question 15

Which of the following relationships is characterized by much trust and commitment leading to a true partnership?
A) mutually adaptive
B) collaborative
C) basic buying and selling
D) customer supply
E) cooperative systems

Accepted Answer

Collaboration involves a high level of trust and commitment from both parties in order to achieve mutual goals and success. This type of relationship goes beyond basic buying and selling and involves cooperation and communication to create a true partnership. Mutually adaptive and cooperative systems relationships also involve some level of shared responsibility and cooperation, but collaborative partnerships are characterized by a deeper level of trust and commitment. Customer supply relationships are more transactional in nature and may not involve the same level of partnership and collaboration.

Question 16

The relationship between a company and its office supplies vendor where competition rather than cooperation is the dominant form of governance is probably best described as ________.
A) basic buying and selling
B) contractual transaction
C) collaborative
D) customer supply
E) customer is king

Accepted Answer

The answer of The relationship between a company and its...

Question 17

The partners in ________ systems are united in operational ways, but neither demonstrates structural commitment through legal means or adaptation.
A) mutually adaptive
B) collaborative
C) basic buying and selling
D) customer supply
E) cooperative

Accepted Answer

The answer of The partners in ________ systems are united...

Question 18

Value Central has a partnership of high trust and commitment with certain suppliers and gives them access to its sophisticated and detailed daily, individual store-based sales data. In exchange, those suppliers are responsible for managing Value Central's inventory of their products. This relationship is best described as ________.
A) basic buying and selling
B) contractual transaction
C) collaborative
D) customer supply
E) customer is king

Accepted Answer

This type of relationship is known as a collaborative partnership, as both parties have a high level of trust and commitment and work together to manage inventory and sales data.

Question 19

Orica Inc. competes in the market for commercial explosives. The company recently changed its business model from just selling explosives to managing an entire blast in a quarry. This customer-solution-based approach to the sale of explosives is an example of ________.
A) systems selling
B) straight rebuying
C) customer referencing
D) derived demand
E) channel consolidation

Accepted Answer

Orica Inc.'s shift towards managing an entire blast in a quarry instead of just selling explosives indicates that they are now offering a comprehensive solution to customers rather than just a product. This is known as systems selling, where companies provide complete solutions to customers based on their needs and preferences.

Question 20

________ investments are those expenditures tailored to a particular company and value chain partner.
A) Diversified
B) Pooled
C) Specific
D) Umbrella
E) General

Accepted Answer

Specific investments are those made by a company that are tailored to a particular company or value chain partner. These investments can include equipment, technology, or other resources that are only useful to the specific partner or company.

Quiz 7: Analyzing Business Markets

The type of buyer-supplier relationship in which buyers and sellers make many relationship-specific adaptations, but without necessarily achieving strong trust or cooperation, is referred to as ________.

Which of the following companies used the slogan, "The Power to Know®" to connect with C-level executives in the largest companies?

According to research studies, the closest relationships between customers and suppliers arise when ________.

Xerox offers a ________ approach to prospective clients when it offers a complete turnkey solution, including the operation and management of the client's information and communication need.

If Ampex Support Systems is the single supplier for a local manufacturing company's MRO (maintenance, repair, operating) supplies and needs, Ampex Support Systems is considered as providing ________ for the manufacturer.

In the ________ category of buyer-supplier relationship, although bonded by a close, cooperative relationship, the seller adapts to meet the customer's needs without expecting much adaptation or change on the part of the customer in exchange.

Many business buyers prefer to buy a total solution to a problem from one seller. This process is also known as ________.

Which of the following is true about branding efforts at NetApp?

In the buygrid framework model, where the major stages of the industrial buying process are listed and characterized, supplier selection is an important process. What follows supplier selection and what occurs in this phase?

Which of the following is a form of cheating or undersupply relative to an implicit or explicit contract which usually takes place when buyers cannot easily monitor supplier performance?

In the ________ category of buyer-supplier relationships, competition rather than cooperation is the dominant form of governance.

________ is a key industrial marketing strategy in bidding to build large-scale industrial products such as dams, pipelines, etc.

As part of the buyer selection process, buying centers must decide how many suppliers to use. What might motivate a buyer to use multiple sources?

A ________ relationship is a cooperative one where the seller adapts to meet the customers' needs without expecting much adaptation or change in exchange.

Which of the following relationships is characterized by much trust and commitment leading to a true partnership?

The relationship between a company and its office supplies vendor where competition rather than cooperation is the dominant form of governance is probably best described as ________.

The partners in ________ systems are united in operational ways, but neither demonstrates structural commitment through legal means or adaptation.

Orica Inc. competes in the market for commercial explosives. The company recently changed its business model from just selling explosives to managing an entire blast in a quarry. This customer-solution-based approach to the sale of explosives is an example of ________.

________ investments are those expenditures tailored to a particular company and value chain partner.

Which of the following companies used the slogan, "The Power to Know^®" to connect with C-level executives in the largest companies?