Question 1

Campus Living Centres offer colleges and universities student life programs and services including:

Accepted Answer

Campus Living Centres offer student outreach and support services, such as mental health resources, student leadership development, and community engagement opportunities. Therefore, option A is the best answer. Option B is incorrect because Campus Living Centres do not train students in cleaning residences. Option C is incorrect because there is no mention of university loyalty programs, and Option D is incorrect because academic advising on careers and programs is typically provided by a university's academic advisors or career services department.

Question 2

Because Campus Living Centres compete in the B2B marketplace, it recognizes that demand for its products is often contingent on:

Accepted Answer

In the B2B marketplace, demand for products is often derived from the demand of the end customer, as businesses purchase products to fulfill the needs of their customers.

Question 3

Which of the following statements represents an organizational buying decision?

Accepted Answer

The organizational buying decision is represented in option D because the owner of the restaurant is making a purchasing decision for the business, not for personal use. The decision to hire a snow removal service is also likely based on the needs of the business, such as ensuring that customers can safely access the restaurant during a snowy winter. The other options represent individual consumer buying decisions.

Question 4

The industries that are growing in Canada, currently make the greatest contribution to Canada's gross domestic product, are known as________ industries.

Accepted Answer

Service industries in Canada, such as finance, healthcare, and education, currently make the greatest contribution to Canada's gross domestic product, exceeding the contributions of transportation and public utilities, construction, and manufacturing.

Question 5

College and universities that offer residences to their students have better ________ rates and student safety/security.

Accepted Answer

The word "retention" refers to the rate at which students continue to stay enrolled in the college or university. Providing residences to students encourages them to stay on campus and be more involved in campus life, which leads to a higher retention rate. Additionally, having students live on campus can also provide increased safety and security measures, as the school can more easily monitor the campus and control who enters the residence halls.

Question 6

A manufacturer of consumer food products for the Chinese market in Canada buys several tons of camellia nuts annually. It converts those nuts into cooking oil that is popular among the Chinese population because it has a milder taste than olive oil and a higher burning point. The oil is sold to supermarkets. The pulp from which the oil is extracted is sold to beef cattle farmers who use it to fatten their cattle. These transactions occur in the ________market.

Accepted Answer

The transactions occur in the industrial market because the manufacturer is buying raw materials (camellia nuts) to convert them into a product (cooking oil) for sale, and the pulp is sold as a by-product to another industry (beef cattle farming).

Question 7

Campus Living Centres offer college and universities all of the following except:

Accepted Answer

Campus Living Centres offer services related to managing and building student residences, as well as property management. However, they do not typically provide academic guidance or living programs for students.

Question 8

Manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale are examples of:

Accepted Answer

Organizational buyers refer to businesses, institutions, and governments that acquire products and services for their own use or for resale. Thus, manufacturers, wholesalers, retailers, and government agencies fall under the category of organizational buyers. A) Cooperatives refers to associations of individuals or businesses that voluntarily pool their resources together to purchase goods and services. C) Ultimate consumers, also known as end-users, are individuals who purchase products and services for their own use or consumption. D) Multinationals are large corporations that operate in multiple countries.

Question 9

Two manufacturers were discussing the upcoming trends in the business market. One kept referring to the market as the 'business market,' while the other interrupted him and said: "when you refer to the business market, you are referring to the _________."

Accepted Answer

The term "industrial market" is commonly used to refer to the market where businesses purchase goods and services for their operations. This is different from the consumer market, where individuals purchase goods and services for personal use. The term "transactional market" could also be used, but it is not as common of a term as "industrial market." "Relational enterprise" and "ultimate market" are not commonly used terms in this context.

Question 10

Jackson Steel produces sheet metal that is then sold to Ford, Toyota, and GM for use in producing their vehicles. Jackson Steel competes with other sheet metal companies for the car company's business. Jackson Steel is in which segment?

Accepted Answer

Jackson Steel is in the business marketing segment because they are selling products to other businesses (Ford, Toyota, and GM) who use it in their production process.

Question 11

All of the following are considered resellers, except:

Accepted Answer

U.S. Steel is a manufacturing company and does not resell products. The other options listed are all retail and wholesale resellers.

Question 12

Honeywell's Micro Switch Division sells its fibre-optic technology and products to manufacturers of data communication systems worldwide. Data communications system manufacturers are operating in________ market.

Accepted Answer

The market described is industrial because Honeywell's Micro Switch Division sells its products to manufacturers of data communication systems, which are used for industrial purposes.

Question 13

Campus Living Centres are considered a Canadian leader in which industry?

Accepted Answer

Campus Living Centres are owners and operators of student housing, providing accommodations for students at various Canadian colleges and universities.

Question 14

Which market in Canada has approximately 50,000 businesses and ship an estimated value of $600 billion?

Accepted Answer

Manufacturers in Canada represent a significant portion of the market, with around 50,000 businesses contributing to the economy by shipping goods valued at an estimated $600 billion. This highlights the substantial role manufacturing plays in the Canadian economy, emphasizing its importance in terms of production and export.

Question 15

Colleges and universities across Canada contract Campus Living Centres to:

Accepted Answer

Campus Living Centres is mainly contracted to maintain the residences of colleges and universities across Canada, providing services such as cleaning, maintenance, and security. They may also provide other non-academic services such as foodservice, parking, and conference coordination, but managing student literacy and loans, as well as operating library facilities, are typically handled by separate departments or companies.

Question 16

Which of the following is not considered a market for organizational buyers?

Accepted Answer

Retailers are not considered a market for organizational buyers because they are typically classified as end consumers who sell products to final consumers. Organizational buyers are typically businesses, government agencies, and other organizations that purchase products either for their own use or for resale to their own customers. Therefore, options B, C, and D are all potential markets for organizational buyers.

Question 17

Organizational buyers include all the following EXCEPT:

Accepted Answer

Organizational buyers are those who purchase goods and services for use in their own business or to sell to other businesses, institutions, or government agencies. Retailers, manufacturers, and government are all examples of organizational buyers, while ultimate consumers refer to individuals who purchase goods and services for personal use. Therefore, the correct answer is C, ultimate consumers, as they are not considered organizational buyers.

Question 18

A steel mill converts iron ore into sheet metal that they then sell to the next buyer. The steel mill would be considered a(n)

Accepted Answer

The answer of A steel mill converts iron ore into...

Question 19

An industrial firm is a firm that:

Accepted Answer

An industrial firm is a firm that reprocesses a good or service it buys before selling the product again to the next buyer. The other answer choices do not accurately define an industrial firm.

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, selling to hospitals, nursing homes, and retailers of health care products.

Quiz 6: Understanding Organizations As Customers