Question 1

A ________ chain is the synchronized movement of goods through the channel.
A) delphi
B) value
C) supply
D) time-series
E) demand

Accepted Answer

A supply chain is the synchronized movement of goods through the channel, as it involves the coordination and integration of different processes and activities such as sourcing materials, manufacturing, warehousing, transportation, and delivery to the end customers. Delphi is a forecasting method, value chain is a process of adding value to goods, time-series is a statistical analysis of time-based data, and demand chain focuses on understanding customer demand and preferences. They are not directly related to the movement of goods through the channel.

Question 2

Which of the following statements is true about customer relationships in business markets?
A) A strong impersonal relationship with customers is critical in maintaining one's business.
B) One-on-one personal communication is the most important tool in developing and maintaining customer relationships.
C) An impersonal relationship in B2B markets often connotes a greater emphasis on technology.
D) Customers demand not only an impersonal relationship with their vendors but also an efficient one.
E) Customers prefer direct communication mediums such as e-mail and direct mail for any correspondence.

Accepted Answer

One-on-one personal communication is crucial in developing and maintaining customer relationships in business markets. It helps in understanding the specific needs of customers, building trust, and fostering long-term partnerships.

Question 3

Before Gabriel bought a camera, he reviewed magazines, solicited opinions from friends and families, conducted online searches, and tested out different cameras in the store. This is an example of a(n) ________.
A) extensive information search
B) end-user investigation
C) minimal information search
D) low involvement purchase
E) internal information search

Accepted Answer

Gabriel's behavior suggests that he engaged in an extensive information search before purchasing the camera, as he reviewed magazines, solicited multiple opinions, conducted online searches, and tested out different cameras in store. This indicates that he put in significant effort to gather information before making the purchase decision.

Question 4

Karla bought her dress for the recital not because she liked the color and style, but because it made her feel good about herself, and she needed that confidence before performing. This represents the importance of the ________ aspect of a product.
A) instrumental performance
B) symbolic performance
C) social aptitude
D) disposability
E) use/nonuse

Accepted Answer

The symbolic performance aspect of a product refers to the psychological and emotional impact it has on a consumer's self-image and self-esteem. In this case, Karla's dress made her feel good about herself and boosted her confidence, which is an example of the symbolic performance aspect. The instrumental performance aspect, on the other hand, refers to the functional or utilitarian benefits of a product, such as its quality, durability, and performance. The other options - social aptitude, disposability, and use/nonuse - do not accurately capture the significance of the dress to Karla's emotional state and confidence level.

Question 5

Gatekeepers are important in the B2B buying process because ________.
A) they provide the organization with relevant expertise in particular purchase decisions
B) they engineer costly capital equipment purchases by employing a wide range of financial tools
C) they act as a buffer between the buying center members and consumers in the buying process
D) they limit the number of vendors in a given buying process
E) they act as initiators in certain scenarios of the purchase decision process

Accepted Answer

Gatekeepers control the flow of information and often limit the number of vendors that can participate in a given buying process, ensuring that only relevant and potentially beneficial interactions take place.

Question 6

Small changes in consumer demand can lead to considerable shifts in business product demand and are referred to as the ________.
A) transactional effect
B) transverse effect
C) degree of affiliation
D) acceleration effect
E) multi-attribute model

Accepted Answer

The acceleration effect describes how small changes in consumer demand can lead to significant shifts in business product demand, as businesses adjust their inventory levels in anticipation of future demand changes.

Question 7

When Ford Motor Company is familiar with a product and supplier, but decides to seek additional information on new products in the marketplace, it is in the process of a(n) ________.
A) straight rebuy
B) modified rebuy
C) new purchase
D) adapted rebuy
E) aspirational purchase

Accepted Answer

A modified rebuy occurs when a company is familiar with a product and supplier, but seeks additional information on new products in the marketplace before making a purchasing decision. A straight rebuy is when a company simply reorders a product that it has purchased before. A new purchase is when a company purchases a product for the first time, while an adapted rebuy involves modifying the specifications of an existing product. An aspirational purchase involves the desire to achieve a certain status or lifestyle through a purchase, rather than a company's procurement process.

Question 8

Johnson & Marshall, a growing producer of organic tea, creates a group to make purchase decisions that is made up of people from the purchasing department, senior management with financial knowledge, and engineers with design expertise. This group best represents a(n) ________.
A) ad hoc group
B) gate keeping group
C) data warehouse
D) buying center
E) customer touch point

Accepted Answer

The group created by Johnson & Marshall represents a buying center, which is a group of individuals involved in the purchasing decision process. The group is made up of members from the purchasing department, senior management with financial knowledge, and engineers with design expertise. This group fits the description of a buying center that is responsible for making purchase decisions. Options A, B, C, and E are not applicable in this scenario.

Question 9

Paul is the groundskeeper for a golf course. He not only mows the greens and fairways but is also an expert on the grass that is used and how to care for it. The golf pro and club manager consult with him about what new equipment the club needs to maintain the greens. Paul plays the role of a(n) ________ in the buying process.
A) market maven
B) user
C) decider
D) opinion leader
E) gatekeeper

Accepted Answer

The answer of Paul is the groundskeeper for a golf...

Question 10

Mark is trying to sell a metal-bending machine to a manufacturing firm. He decides to talk to people inside the firm who have expertise in metal bending-who can then provide this information to the buying center. The people he is targeting are known as ________.
A) influencers
B) users
C) gatekeepers
D) initiators
E) aggregators

Accepted Answer

Mark is targeting people within the firm who have expertise in metal bending, which means they have the ability to influence the buying decision. Therefore, the people he is targeting are known as influencers.

Question 11

It is said that B2B demand is more ________ in general than B2C demand for products or services.
A) elastic
B) bimodal
C) inelastic
D) systemic
E) variable

Accepted Answer

B2B demand tends to be more inelastic than B2C demand because businesses often rely on specific products or services for their operations and are willing to pay a premium to ensure consistent supply. In contrast, individual consumers can be more price-sensitive and willing to switch to alternatives.

Question 12

________ choices tend to be more holistic than emotional choices, using summary impressions rather than specific attributes to evaluate the options and affect even important purchases such as a car or house.
A) Rational
B) Balanced
C) Attitude-based
D) State-of-mind
E) Weighted

Accepted Answer

Attitude-based choices rely on overall impressions or attitudes towards the options, rather than detailed analysis of specific attributes, which can influence decisions on significant purchases by focusing on how the options feel as a whole.

Question 13

Maryanne noticed that one of the manufacturing teams lost productivity over a six-month period. She puts together a document that describes the productivity loss and does a study to determine the cause. She finds that one of the key machines in the process breaks down often. Maryanne asks several machine manufacturers to come in to make proposals for new machines. Maryanne is playing the role of a(n) ________.
A) influencer
B) gatekeeper
C) initiator
D) arbitrator
E) reseller

Accepted Answer

Maryanne is taking the initiative to identify and resolve the issue with the manufacturing team's productivity loss. She is the initiator of the process for finding a solution to the problem.

Question 14

Reordering products that are used on a consistent basis is called a(n) ________.
A) new purchase
B) transactional purchase
C) aspirational purchase
D) modified rebuy
E) straight rebuy

Accepted Answer

Reordering products that are used on a consistent basis is a straight rebuy, where the buyer simply reorders the same products without any modifications or changes. It is not a new purchase as the buyer is already familiar with the product, nor is it an aspirational purchase where the buyer desires to purchase a product they do not currently use. It is not a modified rebuy as the buyer is not making any changes or modifications to the product or suppliers.

Question 15

Deciders are an important group for the salesperson to identify because ________.
A) they make the ultimate purchase decision
B) they decide what characteristics the product should possess
C) they decide what price the company should pay
D) they have control over who is allowed to be a vendor
E) they decide who are the most significant influencers in the buying center

Accepted Answer

Deciders are the individuals within a buying center who ultimately make the decision to purchase a product or service. Identifying them is important for the salesperson to focus on in order to close a sale.

Question 16

The relationship between consumer demand for products and demand for B2B products is known as ________ demand.
A) psychographic
B) fluctuating
C) derived
D) latent
E) inelastic

Accepted Answer

Derived demand refers to the demand for products that are necessary to produce or provide goods and services that consumers demand. This means that the demand for B2B products is derived from the consumer demand for the final product or service. Psychographic, fluctuating, and latent demand do not capture this relationship, and inelastic demand refers to a situation where changes in price have little effect on demand.

Question 17

________ information sources include independent groups, personal associations, marketer-created information, and experiences.
A) External
B) Internal
C) Low
D) High
E) Preferred

Accepted Answer

External information sources are those that come from outside of the individual, such as independent groups, personal associations, marketer-created information, and experiences. Internal information sources, on the other hand, come from within the individual, such as their own thoughts, feelings, and experiences. Low and high do not apply here, and preferred is subjective and varies from person to person.

Question 18

The nature of B2B markets requires ________.
A) impersonal communication at regular intervals through mediums such as direct mail
B) investment of more resources primarily on service sectors
C) organizations to invest more on consumers than suppliers to maintain their business
D) a more personal relationship between the buyer and seller than in B2C markets
E) companies to focus primarily on selling products that end up as components for finished goods

Accepted Answer

B2B markets involve higher value transactions and more complex purchasing decisions than B2C markets, requiring a more personal relationship between the buyer and seller. Building trust, providing technical support, and customizing solutions to fit the buyer's needs are important in B2B marketing.

Question 19

When shopping with her friend, Kristina chooses the same products that her friend likes and buys. This is an example of ________ affecting the actual choice decision.
A) physical surroundings
B) social circumstances
C) time circumstances
D) biorhythms
E) state of mind

Accepted Answer

Kristina's friend's preferences and behavior are part of her social circumstances, which are affecting her decision to buy certain products.

Question 20

Josh notices the low-fuel light is on as he is driving home. Without any additional information, he stops at the local station on the way home to fill up. This is an example of a(n) ________.
A) high involvement purchase
B) end-user purchase
C) extensive information search
D) minimal information search
E) external information search

Accepted Answer

Josh only had minimal information (low-fuel light) and did not engage in an extensive external information search or high involvement decision-making process.

Quiz 6: Understand Consumer and Business Markets

A ________ chain is the synchronized movement of goods through the channel.

Which of the following statements is true about customer relationships in business markets?

Before Gabriel bought a camera, he reviewed magazines, solicited opinions from friends and families, conducted online searches, and tested out different cameras in the store. This is an example of a(n) ________.

Karla bought her dress for the recital not because she liked the color and style, but because it made her feel good about herself, and she needed that confidence before performing. This represents the importance of the ________ aspect of a product.

Gatekeepers are important in the B2B buying process because ________.

Small changes in consumer demand can lead to considerable shifts in business product demand and are referred to as the ________.

When Ford Motor Company is familiar with a product and supplier, but decides to seek additional information on new products in the marketplace, it is in the process of a(n) ________.

Johnson & Marshall, a growing producer of organic tea, creates a group to make purchase decisions that is made up of people from the purchasing department, senior management with financial knowledge, and engineers with design expertise. This group best represents a(n) ________.

Mark is trying to sell a metal-bending machine to a manufacturing firm. He decides to talk to people inside the firm who have expertise in metal bending-who can then provide this information to the buying center. The people he is targeting are known as ________.

It is said that B2B demand is more ________ in general than B2C demand for products or services.

________ choices tend to be more holistic than emotional choices, using summary impressions rather than specific attributes to evaluate the options and affect even important purchases such as a car or house.

Reordering products that are used on a consistent basis is called a(n) ________.

Deciders are an important group for the salesperson to identify because ________.

The relationship between consumer demand for products and demand for B2B products is known as ________ demand.

________ information sources include independent groups, personal associations, marketer-created information, and experiences.

The nature of B2B markets requires ________.

When shopping with her friend, Kristina chooses the same products that her friend likes and buys. This is an example of ________ affecting the actual choice decision.

Josh notices the low-fuel light is on as he is driving home. Without any additional information, he stops at the local station on the way home to fill up. This is an example of a(n) ________.