Question 1

Business buyers may get new ideas at a trade show, see an ad, or receive a call from a sales representative who offers a better product or a lower price compared to the current in-supplier. These situations spur the ________ stage.

Accepted Answer

The situation described in the question is a trigger that leads to the business buyer recognizing a problem or need. Therefore, the stage that is being referred to is problem recognition.

Question 2

The ________ approach to consumer research asks customers to attach a monetary value to alternative levels of a given attribute. The value of a given configuration is determined by adding the average values of each of the given attributes.

Accepted Answer

The answer of The ________ approach to consumer research asks...

Question 3

In the ________ method for assessing customer value, customers are asked how costs of using a new product compare to those of using an incumbent.

Accepted Answer

The field value-in-use assessment method specifically asks customers about the costs associated with using a new product compared to those of using an incumbent. The other methods listed do not focus specifically on comparing costs between products.

Question 4

In the ________ method for assessing customer value, customers are shown a "benchmark" offering and then a new market offering. They are asked how much more they would pay for the new offering or how much less they would pay if certain features were removed from the benchmark offering.

Accepted Answer

The answer of In the ________ method for assessing customer...

Question 5

With respect to e-procurement, Coca-Cola, Sara Lee, Kraft, PepsiCo, P&G, and several other companies joined forces to form a ________ called Transora to use their combined leverage to obtain lower prices for raw materials.

Accepted Answer

The description fits a buying alliance, which is a collaborative effort by multiple companies to leverage their purchasing power and negotiate better prices with suppliers. The other options do not accurately describe the nature of Transora.

Question 6

Which of the following is an example of a vertical hub?

Accepted Answer

The answer of Which of the following is an example...

Question 7

In the ________ method for assessing customer value, customers are asked to place a direct dollar value on one or more changes in the market offering.

Accepted Answer

The direct survey method involves asking customers directly to place a dollar value on changes in a product or service, making it a straightforward approach to assessing customer value.

Question 8

Plastics.com allows plastics buyers to search the best prices among thousands of plastics sellers. Plastics.com is an example of a(n) ________.

Accepted Answer

Plastics.com is a vertical market, which is an electronic marketplace where businesses within a specific industry can buy and sell goods and services. It connects buyers and sellers within the plastics industry and allows them to search for the best prices among thousands of sellers.

Question 9

A ________ establishes a long-term relationship in which the supplier promises to resupply the buyer as needed, at agreed-upon prices, over a specified period of time.

Accepted Answer

A stockless purchase plan does not involve holding inventory on site, but rather relies on the supplier to deliver goods as needed. This type of arrangement is often made through a long-term contract where the supplier agrees to provide goods at agreed-upon prices over a specified period of time.

Question 10

Which of the following methods is most likely to be used by buyers to review the performance of chosen suppliers?

Accepted Answer

The answer of Which of the following methods is most...

Question 11

In reordering office supplies, the only stages that the buyer passes through are the product specification stage and the ________ stage.

Accepted Answer

The answer of In reordering office supplies, the only stages...

Question 12

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

Accepted Answer

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

Question 13

In the ________ method for assessing customer value, company engineers use laboratory tests to estimate the product's performance characteristics. However, this ignores the fact that in different applications, the product will have different economic value.

Accepted Answer

The correct answer is A) internal engineering assessment because it describes a method where company engineers use laboratory tests to estimate a product's performance characteristics, which may not account for the varying economic value of the product in different applications.

Question 14

A new-task buyclass decision begins with which of the following steps?

Accepted Answer

The new-task buying decision process starts with problem recognition, which means identifying a need or a problem that requires a purchase decision. The other steps (supplier search, general need description, product specification, and proposal solicitation) come after problem recognition in the buying decision process.

Question 15

In the ________ method for assessing customer value, customers are asked to rank their preference for alternative market offerings or concepts. Statistical analysis is used to estimate the implicit value placed on each attribute.

Accepted Answer

The method described in the question stems specifically from conjoint analysis, a commonly used marketing tool for assessing customer value.

Question 16

Business marketers can stimulate problem recognition by ________.

Accepted Answer

Direct mail, telemarketing, and calling on prospects are all proactive methods for reaching potential customers and raising the profile of the company's products or services, increasing the likelihood of problem recognition. The other options may have some impact on problem recognition, but they are not as direct or targeted as B.

Question 17

With respect to e-procurement, which of the two types of e-hubs are Web sites organized around?

Accepted Answer

The answer of With respect to e-procurement, which of the...

Question 18

The approach to cost reduction that studies whether components can be redesigned or standardized or made by cheaper methods of production without adversely impacting product performance is termed as ________.

Accepted Answer

Product value analysis (PVA) is the approach to cost reduction that studies whether components can be redesigned or standardized or made by cheaper methods of production without adversely impacting product performance. MRO, VMI, SPM, and SAVE are all different approaches to supply chain management and not specifically focused on cost reduction through product redesign or standardization.

Question 19

On an online ________ , prices change by the minute.

Accepted Answer

In a spot market, prices are highly volatile and change frequently based on supply and demand. This type of market is commonly found in commodities trading, but can also apply to online marketplaces where prices may fluctuate rapidly.

Question 20

In the ________ method for assessing customer value, customers are asked to rate the importance of different attributes and their suppliers' performance on these attributes.

Accepted Answer

The importance ratings method involves asking customers to rate the importance of different attributes and their suppliers' performance on these attributes. This method directly gathers customer perceptions and evaluations, making it distinct from the other options listed.

Quiz 7: Analyzing Business Markets