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Exam 7: Business Markets and Buying Behavior

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Question 51

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You grow lots of different herbs and spices on your certified organic farm, and you can think of many different people and businesses who might be interested in purchasing them. Some of your prospect ideas are obvious, whereas others are a bit of a stretch. What's the best way to segment these prospects so that you can focus on those with the greatest potential first?

A) Sort by personal characteristics, such as age and income level.
B) Sort by customer type, such as restaurants, grocery stores, and food product manufacturers.
C) Sort by customer type, such as commercial and reseller.
D) Sort by end-use application, such as food preparation versus food product production.

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Question 52

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Megan is in charge of hiring a graphic designer to create her company's next annual report. She had asked for proposals from five different designers or design agencies, and she's received four. She's not quite sure what to do next, so she asks her coworker, Jenna, for help. What does Jenna advise Megan to do?

A) Select an order routine
B) Define the characteristics of the needed product or service
C) Evaluate the proposals and select a supplier
D) Search for and qualify suppliers

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Question 53

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Institutions are a major component of the business market that:

Differentiate between B2B marketing and consumer product marketing.

Susan works for Fashion Supply, a women's clothing wholesaler. Her husband is employed by Target, the popular retailer. Their older son has a job with a gourmet butcher, which supplies top-quality cuts of meat to fancy restaurants. Their younger son was just hired by Lumber Liquidators, the discount flooring seller. Despite the diversity of their employers, all of Sue's family members work in the ____ segment of the business market.

You're a carpenter who specializes in kitchen cabinetry. One day you go to visit your sister Fiona at the restaurant she owns. Fiona is really frustrated because her badly organized kitchen has caused delays and problem with food preparation, which means unhappy customers for her to deal with. You start to wonder if there could be a business opportunity for you here, so how can you help her take the next step?

The first stage in the seven-stage model of an organizational buying process involves:

The distribution channels in consumer markets are relatively shorter compared to those in business markets.

End-use application segmentation focuses on the ultimate way in which a business purchaser will use a product.

Which of the following components of the B2B market includes all individuals and firms that acquire goods and services to support the production of other goods and services?

For many years, General Motors manufactured two versions of the same basic vehicle: the Humvee, used by the U.S. military, and the Hummer, available to the public. Because of this product, GM was part of both the ___ and ___ B2B markets.

Gatekeepers in the buying center affect the buying decision by determining which individuals within the organization will be part of the buying process.

You've owned and operated Pop, a boutique children's clothing store on Martha's Vineyard, for more than 20 years. You absolutely love Hansini, the new assistant manager you've hired, because she brings so much value to the store. Which of the following is the best indication that Hansini has become an influencer in your buying decisions?

You work for a company that pours concrete for commercial construction projects. You've received a request for a proposal for a new multi-story parking garage from Wyoming Commercial Builders, but the information regarding concrete provided in the request is so minimal that you're not really sure what the construction company is looking for or how to develop a bid. What is the problem, and how should you respond?

The term "reseller" is synonymous with "retailer," as this is the only type of participant in this market category.

At American Military Uniforms, Inc., workers sew dozens of different uniform styles that are sold under contract to the U.S. Army, Navy, Marines, Air Force, and Coast Guard. The sewing machines and lights in the factory require a tremendous amount of electrical energy, which is supplied by Northern Power Corporation. In this context, AMU's purchase of electricity from Northern Power belongs to the _____ component of the business-to-business market.

What are the stages involved in an organizational buying process?

A firm has decided to purchase hybrid delivery vehicles in response to rising gasoline prices. Which step in the business buying process does this illustrate?

Robbie is a purchasing agent for a large corporation, and he's just sent out a request for proposals from five different software developers, asking them to bid on a new project. Samantha, an account manager for one of the software developers, calls Robbie and asks to meet with him to clarify the specifications of the project. In which stage of the organizational buying process are they?

Which of the following is the final step in the business buying process?