FREE MARKETING AND STUDY GAMES ABOUT MP

PDF Download

FREE MARKETING AND STUDY GAMES ABOUT MP

CHAPTER 5 EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -36 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: buy classes

Answer:

Three types of organizational buying situations: new buy, straight rebuy, or modified rebuy.

Question 2: buying process characteristics (continued)

Answer:

-There are multiple buying influences, and multiple parties participate in purchase decisions.-There are reciprocal arrangements, and negotiation between buyers and sellers is common place.-Online buying over the Internet is widespread.

Question 3: gatekeepers in the buying center

Answer:

These people control the flow of information in the buying center.

Question 4: users in the buying center

Answer:

The people in the organization who actually use the product or service.

Question 5: derived demand

Answer:

The demand for industrial products and services is driven by demand for consumer products and services.

Question 6: organizational buying behavior

Answer:

The process by which organizations determine the need for products and then choose among alternative suppliers.

Question 7: influencers in the buying center

Answer:

These people affect the buying decision, usually by helping define the specifications for what is bought.

Question 8: 5 roles in the buying center

Answer:

-users -influencers -buyers -deciders -gatekeepers

Question 9: traditional auction

Answer:

Occurs when a seller puts an item up for sale and would-be buyers bid in competition with each other.

Question 10: marketing mix characteristics (continued)

Answer:

-Price is often negotiated, evaluated as part of broader seller and product or service qualities, and frequently affected by quantity discounts.

Question 11: reverse auction

Answer:

Occurs when a buyer communicates a need for something and would-be suppliers bid in competition with each other.

Question 12: sustainable procurement

Answer:

The process of integrating environmental considerations into all stages of an organization's buying process with the goal of reducing the negative impact on human health and the physical environment.

Question 13: North American Industry Classification System (NAICS)

Answer:

Provides common industry definitions for Canada, Mexico, and the United States.

Question 14: supply partnership

Answer:

When a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value or products and services delivered to the ultimate consumer.

Question 15: reseller markets

Answer:

Wholesalers and retailers that buy physical products and resell them again without any reprocessing.

Question 16: market characteristics

Answer:

-Demand for industrial products and services is derived.-Few customers typically exist, and their purchase orders are large.

Question 17: supplier development

Answer:

The deliberate effort by organizational buyers to build relationships that shape suppliers' products, services, and capabilities to fit a buyer's needs and those of its customers.

Question 18: deciders in the buying center

Answer:

These people have the formal and informal power to select or approve the supplier that receives the contract.

Question 19: e-marketplaces

Answer:

Online trading communities that bring together buyers and supplier organizations.

Question 20: straight rebuy

Answer:

The buyer or the purchasing manager reorders an existing product or service from the list of acceptable suppliers, probably without even checking with users or influencers from the engineering, production, or quality control departments.

Question 21: new buy

Answer:

Organization is a first-time buyer of the product or service. This involves greater potential risks in the purchase, so the buying center is enlarged to include those who have a stake in the new buy.

Question 22: industrial markets

Answer:

Industrial firms in some way reprocess a product or service they buy before selling it again to the next buyer.

Question 23: government markets

Answer:

Government units are the federal, state, and local agencies that buy products and services for the constituents they serve.

Question 24: buyers in the buying center

Answer:

These people have formal authority and responsibility to select the supplier and negotiate the terms of the contract.

Question 25: 6 digit classification code

Answer:

First 2 digits designate a sector of the economy, 3rd digit is a subsector, 4th digit is the industry group, 5th digit is a specific industry, and 6th digit is the individual country-level national industries.