Question 1

Total government spending is determined by ________.

Accepted Answer

Total government spending is ultimately determined by elected officials who are responsible for creating and passing budgets that allocate funds to various government programs and initiatives.

Question 2

Government organizations typically require suppliers to submit bids, and normally they award the contract to the lowest bidder.

Accepted Answer

This is generally true in government procurement, but there may be exceptions depending on factors such as quality of products/services and other evaluation criteria.

Question 3

What are the major characteristics of institutional markets?

Accepted Answer

The answer of What are the major characteristics of institutional...

Question 4

The government market consists of schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care.

Accepted Answer

The answer of The government market consists of schools, hospitals,...

Question 5

Some companies sell primarily to government buyers as prime contractors or subcontractors. This allows these companies to ________, participate in the product specification phase, gather competitive intelligence, prepare bids carefully, and produce stronger communication to describe and enhance their companies' reputations.

Accepted Answer

Anticipating government needs and projects allows companies to prepare bids carefully and produce stronger communication to describe and enhance their companies' reputations.

Question 6

The institutional market is characterized by high budgets, while its buying objective is profit.

Accepted Answer

The institutional market is characterized by high budgets, but its buying objective is typically not profit; instead, it focuses on fulfilling the needs of the institution, such as providing services or achieving specific goals.

Question 7

What are the major characteristics of government markets?

Accepted Answer

The answer of What are the major characteristics of government...

Question 8

The ________ Web site provides a single point of entry through which commercial vendors and government buyers can post, search, monitor, and retrieve opportunities solicited by the entire federal contracting community.

Accepted Answer

The description fits with the website Federal Business Opportunities, also known as FedBizOpps, which serves as a portal for businesses to find opportunities to bid on government contracts. Options A, B, D, and E do not fit the description provided.

Question 9

What are the noneconomic criteria that influence government buying?

Accepted Answer

The answer of What are the noneconomic criteria that influence...

Quiz 6: Business Markets and Business Buyer Behavior