Marketing Questions quiz

Marketing Questions quiz
Analyzing Business Markets

Multiple Choice
1. To create and capture value, sellers need to understand business organizations’ needs, resources, policies, and ________.

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a. demands

b. protocols

c. strategies

d. buying procedures

e. personnel policies

2. Webster and Wind define ________ as the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers.

a. marketing channels

b. organizational buying

c. demand-oriented buying

d. purchasing

e. inventory control

3. The ________ consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to others.

a. business market

b. consumer market

c. e-commerce market

d. global market

e. supplier market

4. Business markets have several characteristics that contrast sharply with those of consumer markets. All of the following would be among those characteristics EXCEPT ________.

a. fewer, larger buyers

b. close supplier-customer relationship

c. professional purchasing

d. inverted demand

e. multiple sales calls

5. All of the following would be among the major industries that make up the business market EXCEPT ________.

a. agriculture, forestry, and fisheries

b. manufacturing

c. construction

d. banking, finance, and insurance

e. the Internet

6. Trained purchasing agents, who must follow their organization’s ________, often purchase business goods.

a. culture

b. past purchasing history

c. purchasing policies, constraints, and requirements

d. needs

e. financial budgets

7. Ultimately, the amount of steel sold to General Motors depends on the consumer’s demand for GM cars and trucks. From the standpoint of the steel manufacturer, which of the following demand forms is most pertinent?

a. Derived demand

b. Inelastic demand

c. Geographic demand

d. Relational demand

e. Static demand

8. The demand for business goods is ultimately derived from the demand for ________.

a. raw materials

b. consumer goods

c. electronics

d. business solutions

e. e-commerce

9. The business buyer faces many decisions in making a purchase. The number of decisions depends on the buying situation. All of the following examples are appropriate to the preceding EXCEPT ________.

a. complexity of the problem being solved

b. newness of the buying requirement

c. number of people involved

d. applicability of situation to mission statement

e. time required

10. The purchasing department buys office supplies on a routine basis. This type of purchase is classified as a ________.

a. straight rebuy

b. modified rebuy

c. new task

d. secondary purchase

e. preordained purchase

11. There are a series of guidelines for selling to small businesses. Which of the following should not be among those guidelines?

a. Don’t waste their time.

b. Do keep it simple.

c. Do use the Internet.

d. Don’t forget about direct contact.

e. Do lump small and midsize businesses together for efficiency sake.

12. The business buyer makes the fewest decisions in the ________.

a. modified rebuy

b. regular buy

c. straight rebuy

d. new rebuy

e. new task buy

13. Many business buyers prefer to buy a total solution to a problem from one seller. ________ is the correct term for this process.

a. Channel consolidation

b. Systems buying

c. Vertical buying

d. Horizontal buying

e. Supply buying

14. Xerox offers a ________ approach to prospective clients when it offers a complete turnkey procedure, operation, and management of the client’s information and communication need.

a. supply buying

b. primary buying

c. systems buying

d. co-op buying system

e. direct buying

15. If Ampex Support Systems is the single supplier for a local manufacturing company’s MRO (maintenance, repair, operating) supplies and needs, Ampex Support Systems would then be considered as providing ________ for the manufacturer.

a. systems buying

b. purchasing support

c. turnkey logistics

d. decision support

e. systems contracting

16. ________ is a key industrial marketing strategy in bidding to build large-scale industrial products (e.g., dams, pipelines, et cetera).

a. Systems contracting

b. Systems buying

c. Systems selling

d. Solutions buying

e. Turnkey logistics

17. ________ is composed of all those individuals and groups who participate in the purchasing decision-making process, who share some common goals and the risks arising from their decisions.

a. The buying center

b. The marketing sales team

c. Strategic management

d. Engineering support

e. The logistics center

18. In the purchasing decision process, the ________ arethose who request that something be purchased. They may be users or others in the organization.

a. users

b. initiators

c. influencers

d. deciders

e. approvers

19. In the purchasing decision process, the ________ arethose who have the power to prevent sellers or information from reaching members of the buying center.

a. gatekeepers

b. buyers

c. initiators

d. approvers

e. deciders

20. The typical buying center has a minimum of ________ members.

a. 2–3

b. 3–4

c. 4–5

d. 5–6

e. 10

21. Webster cautions that ultimately, ________ make purchasing decisions.

a. only senior managers

b. individuals, not organizations

c. organizations, not individuals

d. third parties

e. systems contractors

22. Small sellers concentrate their marketing efforts on reaching ________.

a. approvers

b. initiators

c. key buying influencers

d. users

e. the purchasing staff

23. To the ________ price is everything and transactional selling is used.

a. solution-oriented customers

b. income-oriented customers

c. gold-standard customers

d. strategic-value customers

e. price-oriented customers

24. The strategic-value customers want a fairly permanent sole-supplier relationship with your company. Which of the following would be the best selling format to use with the strategic-value customer?

a. Transactional selling

b. Consultative selling

c. Quality selling

d. Enterprise selling

e. Indirect demand selling

25. Some customers are willing to handle price-oriented buyers by setting a lower price, but establishing restrictive conditions. All of the following would be among those conditions EXCEPT ________.

a. limiting the quantity that can be purchased

b. no refunds

c. no adjustments

d. no services

e. no customer advertising

26. If a supplier signs an agreement with a customer that states $350,000 in savings will be earned by the customer over the next 18 months in an exchange for a ten-fold increase in the customer’s share of supplies ordered by the customer, the two parties will have participated in what is called ________.

a. solution selling

b. consultative selling

c. risk and gain sharing

d. strategic alignment

e. demand shifting

27. W.W. Grainger employees work at large customer facilities to reduce materials-management costs. Which of the following forms of solution selling is W.W. Grainger using?

a. Solutions to partnerships.

b. Solutions to alter corporate culture.

c. Solutions to enhance customer revenues.

d. Solutions to decrease customer risks.

e. Solutions to reduce customer costs.

28. In principle, business buyers seek to ________ in relation a market offering’s costs.

a. spread risks

b. obtain the highest benefit package

c. maintain everyday-low-prices

d. outsource as much as is possible

e. eliminate partners’ shares in profits as much as possible

29. In the past, what position did purchasing departments hold in the management hierarchy of most organizations?

a. A high level because of their role in managing the company’s costs.

b. A moderate level because of their spotty record on controlling costs.

c. A low level despite the fact that they manage more than half of the company’s costs.

d. A secretive position.

e. There has been no determination of this position.

30. The new, more strategically-oriented purchasing departments have a mission. Which of the following most accurately describes that mission?

a. Make the most profit possible and remain independent of entanglements.

b. Approach every purchasing opportunity as means to create interdependency.

c. Seek the best value from fewer and better suppliers.

d. Outsource the supply function.

e. Abandon all strategies except for systems selling and buying.

31. When thepurchaser’s focus is short term and tactical and they are rewarded on their ability to obtain the lowest price from suppliers for the given level of quality and availability, this is referred to as ________.

a. procurement orientation

b. supply chain management orientation

c. buying orientation

d. sellers orientation

e. market orientation

32. Whenbuyers simultaneously seek quality improvements and cost reductions and they develop collaborative relationships with major suppliers and seek savings through better management of acquisition, conversion, and disposal costs, this is referred to as ________.

a. sellers orientation

b. supply chain management orientation

c. market orientation

d. procurement orientation

e. buying orientation

33. When thepurchasing role is further broadened to become a more strategic, value-adding operation, this is referred to as ________.

a. supply chain management orientation

b. buying orientation

c. sellers orientation

d. procurement orientation

e. routine orientation

34. Peter Kraljic distinguished four product-related purchasing processes. Which of the following matches to products that have high value and cost to the customer but involve little risk of supply because many companies make them?

a. Strategic products

b. Bottleneck products

c. Leverage products

d. Routine products

e. Commodity products

35. The products thathave high value and cost to the customer and also involve high risk (e.g., mainframe computers) are called ________.

a. strategic products

b. bottleneck products

c. leverage products

d. routine products

e. commodity products

36. Most purchasing professionals describe their jobs as more ________, technical, team-oriented, and involving more responsibility than ever before.

a. risky

b. strategic

c. ethically difficult

d. Web-based

e. human-based

37. Robinson and Associates have identified eight stages and called them buyphases. This model is called the ________ framework.

a. buygrid

b. buying/selling

c. seller-centered

d. commercial

e. buy-analysis

38. The first step (buyphase) in the straight rebuy buyclass is ________.

a. problem recognition

b. general need description

c. product specification

d. supplier search

e. proposal solicitation

39. A new task buyclass decision begins with which of the following buyphases?

a. Problem recognition

b. General need description

c. Product specification

d. Supplier search

e. Proposal solicitation

40. Business marketers can stimulate problem recognition by ________.

a. trade directories

b. direct mail, telemarketing, and calling on prospects

c. encouraging the Better Business Bureau to release statistics

d. consumer advertising

e. requesting testimonials from existing customers

41. When Hewlett-Packard sells such complex products as a network computer system, it is engaging in what it calls the ________ concept because it offers information and specific solutions to unique problems.

a. “product specification”

b. “price de-escalation”

c. “systems selling”

d. “trusted advisor”

e. “strategic alliance”

42. U.S. businesses spent about ________ on online transactions with other businesses in 2002 as compared to consumer online purchases of $71 billion during the same time period.

a. $650 billion

b. $500 billion

c. $482 billion

d. $225 billion

e. $53 billion

43. With respect to e-procurement, Web sites are organized around two types of e-hubs: ________.

a. vertical and horizontal hubs

b. vertical and functional hubs

c. functional hubs and organizational hubs

d. supplier and user hubs

e. manufacturer and supplier hubs

44. With respect to e-procurement, Coca-Cola, Sara Lee, Kraft, PepsiCo, Gillette, 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.

a. manufacturer’s co-op

b. supplier’s co-op

c. middleman group

d. buying alliance

45. Business-to-business cyberbuying is flourishing on the Internet. So far, most of the products that businesses are buying electronically are ________, and travel and entertainment services.

a. promotion services such as advertising

b. HR services (e.g., employee recruitment)

c. MRO materials (maintenance, repair, and operations)

d. food services

e. marketing research services

46. Moving into e-procurement has many benefits. Which of the following would not be among those benefits?

a. Aggregating purchasing across multiple departments gains larger volume discounts.

b. Aggregating purchasing across multiple departments gains centrally negotiated volume discounts.

c. There is less buying of substandard goods from outside the approved list of suppliers.

d. A smaller purchasing staff is required.

e. Purchasing gains a significant leverage with top management because of its management team.

47. With respect to e-procurement commitment, in 2003 ________ was named number one in BtoBmagazine’s annual ranking of the top B-to-B Web sites because of its ability to generate sales (about 55 percent of the company’s total sales) and commitment to the process.

a. Coca-Cola

b. Dell Computers

c. Hewlett-Packard

d. Cadillac

e. Boeing

48. In the proposal solicitation process, ________ should be marketing documents that describe value and benefits in customer terms.

a. written proposals

b. oral proposals

c. e-proposals

d. alliance proposals

e. global proposals

49. Xerox qualifies only suppliers who meet the ISO 9000 quality standards, but to win the company’s top award—certification status—a supplier must first complete ________.

a. government certification

b. an extensive ethics statement evaluation

c. the Xerox Multinational Supplier Quality Survey

d. a company training and indoctrination period

e. a Malcolm Baldridge National Quality Award entry form and then enter

50. All of the following are considered to be methods of assessing customer value EXCEPT ________.

a. direct survey questions

b. exit interviewing

c. focus-group value assessment

d. conjoint analysis

e. benchmarks

Answer: b Page: 226 Level of difficulty: Medium

51. According to purchasing professionals, which of the following is considered to be the major responsibility of the purchasing agent in supplier negotiations?

a. Forming networks for future business.

b. Assuring quality conformance.

c. Being fair with all parties.

d. To use a team approach in negotiations.

e. Negotiating price.

52. If an industrial buyer leases heavy equipment like machinery and trucks rather than purchasing them, the lessee gains several advantages. Which of the following would NOT be among those advantages?

a. Higher quality products.

b. Conserving capital.

c. Getting the latest products.

d. Receiving better service.

e. Some tax advantages.

53. “OTIFNE” is a term that summarizes three desirable outcomes of a B-to-B transaction: OT—deliver on time; IF—in full; and, NE—________.

a. no error

b. no emergencies

c. non-experimental

d. new entrepreneurs

e. need equipment

54. Corporate credibility depends on three factors: corporate expertise, corporate trustworthiness, and ________.

a. corporate manpower

b. corporate mission statement

c. corporate likeability

d. corporate governance

e. corporate management structure

55. Cannon and Perreault found that buyer-suppler relationships differed according to four factors. Which of the following would NOT be among those factors?

a. Importance of supply.

b. Complexity of supply.

c. Availability of alternatives.

d. Supply market dynamism.

e. Demand market conservatism.

56. According to Cannon and Perreault, buyer-supplier relationships fall into eight different categories. Which of the following relationships is characterized as being one that has much trust and commitment leading to a true partnership?

a. Mutually adaptive

b. Collaborative

c. Basic buying and selling

d. Customer supply

e. Cooperative systems

57. In the ________ category of Cannon and Perreault’s buyer-supplier relationship categorization, although bonded by a close, cooperative relationship, the seller adapts to meet the customer’s needs without expecting much adaptation or change on the part of the customer in exchange.

a. contractual transaction

b. cooperative system

c. collaborative

d. mutually adaptive

e. customer is king

58. Vertical coordination can facilitate stronger customer-seller ties but at the same time may increase the risk to consumer’s and supplier’s ________ (e.g., those expenditures tailored to a particular company and value chain partner).

a. logistics channel

b. independent operations

c. specific investments

d. leverage ability

e. liquidity situation

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

a. vertical

b. nonprofit

c. spot

d. secondary business

e. institutional

60. With purchases of $200 billion annually in goods and services, ________ is the largest customer in the world.

a. Wal-Mart

b. Grainger

c. the State of California

d. the U.S. government

e. Latin America

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