Question 1

Business marketers often alert customers to potential problems and then show how their products provide solutions.These marketers are hoping to influence which stage of the business buying process?

Accepted Answer

By alerting customers to potential problems and offering solutions, business marketers are hoping to influence the problem recognition stage of the business buying process. This is where the customer identifies a problem or need and begins to search for a solution.

Question 2

Which of the following is an example of an internal stimulus that might lead to the business buying process stage of problem recognition?

Accepted Answer

An internal stimulus can arise from a problem or need within the organization, such as experiencing dissatisfaction with the current supplier's price. This can trigger the problem recognition stage in the buying process. Options A, B, D, and E are all examples of external stimuli, which may also trigger problem recognition.

Question 3

During the ________ stage of the business buying decision process,the buying center reviews the proposals.

Accepted Answer

During the supplier selection stage, the buying center evaluates and reviews the proposals submitted by different suppliers to decide which supplier to select.

Question 4

Which of the following is the process of the buying center deciding on the best product characteristics?

Accepted Answer

Product specification involves the buying center deciding on the best product characteristics, such as performance, quality, features, and design, that meets their specific needs and requirements. Value analysis is a process of evaluating the costs and benefits of different suppliers, while the general need description is a stage in the buying process where the buying center identifies a general need for a product or service. Marketing myopia refers to a narrow focus on selling a specific product instead of fulfilling the broader needs and wants of customers. A purchase order is a document that a buyer sends to a supplier to request goods or services.

Question 5

A buyer would be most likely to review trade directories in which stage of the business buying process?

Accepted Answer

Trade directories are likely to be reviewed in the supplier search stage, as they are a useful resource for identifying potential suppliers who may be able to meet the buyer's requirements. In earlier stages of the buying process, such as problem recognition or general need description, the buyer may not yet be focused on identifying specific suppliers or products. In the later stages of supplier selection, the buyer is likely to be more focused on evaluating specific companies or products and may use a variety of sources to gather information, including trade directories, but these may not be as central to the decision-making process.

Question 6

Which of the following is the last stage of the business buying process?

Accepted Answer

Performance review is the last stage of the business buying process, where the buyer evaluates the supplier's performance and decides whether to continue the relationship or not. Order-routine specifications, supplier selection, value analysis, and vendor analysis are all stages that occur before the actual purchase and contract with the supplier.

Question 7

The purchasing agent at your company is working with engineers and users to define the items to purchase by describing general characteristics and quantities needed.He is also ranking the importance of reliability,durability,and price.The buyer is preparing a(n)________.

Accepted Answer

The purchasing agent is defining general characteristics and quantities needed, which aligns with creating a general need description.

Question 8

Under a ________,a supplier monitors and replenishes a buyer's stock automatically as needed.

Accepted Answer

Vendor-managed inventory (VMI) is a system in which a supplier is responsible for monitoring and managing a customer's inventory levels. The supplier maintains the inventory levels and replenishes the customer's stock as needed. This system helps to reduce inventory costs for the customer by minimizing overstocking and stockouts.

Question 9

In which stage of the business buying process is it a supplier's task to make sure that the buyer has experienced expected satisfaction?

Accepted Answer

The performance review stage is where the buyer evaluates the supplier's performance and determines whether they have met the expected satisfaction. It is the supplier's responsibility to ensure that the buyer is satisfied with the product/service and has had a positive experience. Thus, option B is the correct answer.

Question 10

Which of the following statements about the supplier selection stage of the business buying decision process is true?

Accepted Answer

Before selecting a supplier, many companies consider the supplier's reputation for ethical corporate behavior and honest communication. Price and warranty are also important factors but not the only ones considered by businesses. Negotiations for better terms are common during the supplier selection process. Companies that have adopted a total quality management approach also consider other factors such as quality, reliability, delivery time, and after-sales service, rather than just price.

Question 11

The first step of the business buying process is ________.

Accepted Answer

The first step in the business buying process is problem recognition, which involves identifying a need or a problem that the company wants to solve. This can be triggered by changes in the market or internal factors such as outdated equipment or low inventory levels.

Question 12

_____________ gives buyers access to new suppliers,lowers purchasing costs,and hastens order processing and delivery.

Accepted Answer

E-procurement provides electronic means for companies to manage their purchasing process, including access to new suppliers, cost savings through more efficient purchasing practices, and faster order processing and delivery. Email communication, e-journals, and a blanket contract may be components of e-procurement but do not fully encompass the benefits it provides. E-commerce encompasses a broader range of online transactions beyond just procurement.

Question 13

During which stage of the business buying process is a buyer most likely to conduct a value analysis,carefully studying components to determine if they can be redesigned,standardized,or made less expensively?

Accepted Answer

During the product specification stage, buyers conduct a value analysis to evaluate components and determine if they can be redesigned, standardized, or produced more cost-effectively.

Question 14

In the generally accepted stages of the business buying process,the step following problem recognition is ________.

Accepted Answer

After problem recognition, the next step in the business buying process is to describe the general need, which involves defining what is needed to solve the problem.

Question 15

In the case of maintenance,repair,and operating items,buyers may use a ________ rather than periodic purchase orders.

Accepted Answer

A blanket contract is a long-term agreement between a buyer and a supplier for the supply of goods or services at pre-determined prices. In the case of maintenance, repair, and operating items (MRO), a blanket contract is often used instead of periodic purchase orders because MRO items are frequently needed on a recurring basis, and a blanket contract allows buyers to order items as needed without the need for individual purchase orders. This streamlines the procurement process and helps ensure that important items are always in stock when needed.

Question 16

In which stage of the business buying process is a supplier most likely to provide a buyer with information about the value of different product characteristics?

Accepted Answer

In the general need description stage, the buyer defines the characteristics and quantity of the needed item, and suppliers provide information about the value of different product characteristics to meet these needs.

Question 17

Empire Products has begun a process to find the best vendors.Empire Products is actively engaged in ________.

Accepted Answer

Empire Products is searching for vendors, therefore, the appropriate term is "supplier search." Value analysis and performance reviews refer to assessing existing suppliers, while supplier control refers to monitoring and managing the performance of established suppliers. Supplier selection involves choosing the best vendor among various options, but this process has already begun and is addressed in the question stem.

Question 18

In the generally accepted stages of the business buying process,the step following product specification is ________.

Accepted Answer

After product specification, the next step in the business buying process is typically to search for potential suppliers who can meet the specified product requirements. This involves everything from basic research on potential vendors to issuing requests for proposals (RFPs) or requests for quotes (RFQs) to a select group of suppliers who meet certain prequalifying criteria. Only after identifying suitable suppliers can the buyer move on to evaluating their proposals and negotiating a final agreement.

Question 19

Which of the following can be useful for a company that needs to conduct secure and frequent communications and transactions with key suppliers to purchase equipment,materials,and supplies?

Accepted Answer

An extranet link can provide a secure and efficient way for a company to communicate and conduct transactions with key suppliers. This allows for real-time access to inventory levels, pricing, and other important information, saving time and reducing errors. An intranet link is limited to internal communications within the company, while buying centers and reverse auctions are not specific to secure communications with suppliers. A trading exchange may provide access to multiple suppliers, but may not provide the necessary level of security for frequent and sensitive transactions.

Question 20

Members of the buying center at ABC Kid's World are drawing up a list of desired toy supplier attributes and their relative importance.Next,they intend to compare several suppliers to these attributes.What step of the business buying process is the ABC Kid's World engaged?

Accepted Answer

The ABC Kid's World is engaged in the supplier selection step of the business buying process. They are identifying the desired attributes of a toy supplier and comparing several suppliers to these attributes, which is a key part of the supplier selection process.

Quiz 6: Business Markets and Business Buyer Behavior