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Business Markets And Business Buyer Behavior

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Question 1
Free
Multiple Choice

The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands is known as ________ .

Choose correct answer/s
A

situational analysis

B

business buying process

C

business diversification

D

business process automation

E

lateral expansion

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Question 2
Free
Multiple Choice

Business buyer behavior refers to the ________ .

Choose correct answer/s
A

buying behavior of consumers who buy goods and services for personal consumption

B

buying behavior of the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others

C

buying behavior of consumers who rely on small retailers for the regular supply of provisions

D

decision process by which business buyers determine which products and services their organizations need to purchase

E

strong affinity of businesses for value-for-money deals

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Question 3
Free
Multiple Choice

Which of the following is NOT part of the business market?

Choose correct answer/s
A

Kruger Group sells interior security systems to resorts.

B

A country club buys safety equipment for its swimming pool.

C

Maria Theresa shops for her family's groceries at the local Whole Foods store.

D

A firm buys laptops from Dell for company salespeople to use when traveling.

E

Airmark sells a vinyl printing press to a manufacturer of plastic storage containers.

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Question 4
Free
Multiple Choice

Business markets are similar to consumer markets in that ________ .

Choose correct answer/s
A

the nature of the buying unit is the same for both

B

the decision processes involved in both the markets are same

C

both involve people who assume buying roles and make purchase decisions to satisfy needs

D

both share the same market structure

E

the types of decisions are fairly consistent in both the markets

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Question 5
Free
Multiple Choice

Differences between business markets and consumer markets include all of the following EXCEPT ________ .

Choose correct answer/s
A

nature of the buying unit

B

market structure and demand

C

number of buyers

D

people who make purchase decisions to satisfy needs

E

types of decisions and the decision process

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Question 6
Multiple Choice

The business marketer normally deals with ________ than the consumer marketer does.

Choose correct answer/s
A
far fewer but far larger buyers
B
far more but far smaller buyers
C
negligible customer complaints
D
far less fluctuations in demands
E
far more elastic demand
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Question 7
Multiple Choice

The Pure Drug Company produces insulin, a product with a very stable demand. Even though the price changed several times in the past two years, the demand for Pure Drug's insulin remained relatively unaffected. In this instance, the demand for insulin is representative of ________ demand.

Choose correct answer/s
A
latent
B
negative
C
inelastic
D
derived
E
composite
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Question 8
Multiple Choice

In business markets with inelastic demand ________ .

Choose correct answer/s
A
the total demand for products is not much affected by short-term price changes
B
buyers are highly sensitive to price changes
C
derived demand is absent
D
a business purchase usually involves fewer decision participants
E
a business purchase usually does not involve a professional purchasing effort
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Question 9
Multiple Choice

A university enrolled 200 graduate students in the Fall of 2015. However, the enrollment rate was only slightly affected following a 12-percent hike in tuition the following fall. This illustrates ________ demand.

Choose correct answer/s
A
derived
B
negative
C
highly elastic
D
composite
E
inelastic
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Question 10
Multiple Choice

Business demand that ultimately comes from the demand for consumer goods is known as ________ demand.

Choose correct answer/s
A
derived
B
negative
C
primary
D
consumer
E
elastic
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Question 11
Multiple Choice

Green Bees, a popular American heavy-metal band, will perform in Berlin during Christmas. There is a high demand for concert tickets among fans worldwide who are looking forward to the much-awaited performance. In this instance, the high demand for tickets for the Green Bees concert is representative of ________ demand.

Choose correct answer/s
A
primary
B
negative
C
derived
D
elastic
E
business
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Question 12
Multiple Choice

Demand for outboard motors depends on consumers purchasing fishing boats. This is an example of ________ demand.

Choose correct answer/s
A
primary
B
composite
C
derived
D
elastic
E
negative
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Question 13
Multiple Choice

Jeremy's, a handbag manufacturer in Lower Manhattan, procures a large stock of leather in anticipation of brisk sales of handbags during December. This is an example of a(n) ________ demand.

Choose correct answer/s
A
composite
B
derived
C
primary
D
latent
E
inelastic
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Question 14
Multiple Choice

Which of the following is true about business purchases?

Choose correct answer/s
A
Business purchases involve more professional purchasing effort than consumer purchases.
B
Business purchases involve fewer participants in decision making compared to consumer purchases.
C
Purchasing agents are absent in business purchases.
D
Business purchases involve less technical and economic considerations compared to consumer purchases.
E
Business purchases are usually quicker and more informal than are consumer purchases.
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Question 15
Multiple Choice

A business purchase usually involves all of the following EXCEPT ________ .

Choose correct answer/s
A
more decision participants
B
manufacturing representatives
C
more professional purchasing effort
D
trained purchasing agents
E
high-level trained supply managers
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Question 16
Multiple Choice

Since business marketers have fewer buyers than consumer marketers, business buyers often face ________ than do consumer buyers.

Choose correct answer/s
A
less complex buying decisions
B
shorter buying processes
C
informal buying processes
D
more complex buying decisions
E
fewer product details
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Question 17
Multiple Choice

________ involves systematically developing networks of supplier-partners to ensure a dependable supply of products and materials for use in making products or reselling them to others.

Choose correct answer/s
A
Supplier development
B
Business buying
C
Supplier quality assurance
D
Relationship management
E
Executive development
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Question 18
Multiple Choice

The owners of a manufacturing firm in Ohio have developed a core network of suppliers to ensure an uninterrupted supply of products. This is an example of ________ .

Choose correct answer/s
A
capability management
B
a supply bottleneck
C
asset management
D
backsourcing
E
supplier development
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Question 19
Multiple Choice

Refer to the scenario below to answer the following question(s).
Alpha Stampings Inc. produces 14 metal stampings for the automotive industry. Due to industry design changes and consumer demands, for the next financial year, six of those stampings will require a slight change: two will have an extra hole punched through the side, two will require an extra plating process, and two will require an additional weld operation.
In the meantime, purchasing agent Richard Koehl has been asked to reduce the number of Alpha's steel suppliers in an effort to cut costs. After obtaining updated price quotations and steel samples from his current suppliers, Richard faced a dilemma. Until now, he had selected his suppliers based on quality and price, but the major consideration had been the type of steel required and the specialized production processes of his respective suppliers. Not all of Alpha's suppliers could produce the exact grades of steel needed; some suppliers were better at producing certain types of steel than others.
Richard contacted several employees at Alpha who had worked with the various types of steel in the past. The quality control manager and line inspector, for example, could help to determine which suppliers had the capabilities of producing specific types of steel. The production control manager could provide input regarding which types of steel worked best in which presses. The warehouse foreman gave inputs regarding how long various types of steel could be held in inventory before rust spots began to form on their surfaces. Each person contributed the necessary information to help Richard in making his decision.
-The demand for Alpha Stampings' products is ultimately based on the demand for new automobiles in the consumer market. This is an example of ________ demand.

Choose correct answer/s
A
negative
B
latent
C
primary
D
derived
E
composite
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Question 20
True/False

In the business buying process, business buyers determine which products and services their organizations need to purchase.

Choose correct answer/s
True
False
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