1. Question : The ________ market consists of schools, hospitals, nursing homes, prisons, and other institutions that must provide goods and services to people in their care.
Student Answer: vertical
Question 2. Question : Business buyers are ultimately purchasing solutions to two problems: the organization's economic and strategic problem and ________.
Student Answer: their own personal need for individual achievement and reward
the community's continued health and well-being
the fulfillment of the company's social impact goals
to maximize overall firm performance
none of the above
Question 3. Question : With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.
Student Answer: single-segment concentration
full market coverage
Question 4. Question : In order to successfully develop customer reference stories, firms should ________.
Student Answer: state the customer's needs in compelling terms
use very few direct customer quotes
avoid referencing the barriers to satisfying customer needs
describe the company's solution in terms of products and services
focus on qualitative results
Question 5. Question : Many business buyers prefer to buy a total solution to a problem from one seller. ________ is the correct term for this process.
Student Answer: Channel consolidation
Question 6. Question : Research has found that buyer-suppler relationships differed according to four factors. Which of the following would NOT be among those factors?
Student Answer: Importance of supply
Complexity of supply
Availability of alternatives
Supply market dynamism
Demand market conservatism
Question 7. Question : In the past, what position did purchasing departments hold in the management hierarchy of most organizations?
Student Answer: A high level because of their role in managing the company's costs
A moderate level because of their spotty record on controlling costs
A low level despite managing more than half of the company's costs
A secretive position
There has been no determination of this position.
Question 8. Question : 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.
Student Answer: business market
Question 9. Question : In the proposal solicitation process, ________ should be marketing documents that describe value and benefits in customer terms.
Student Answer: written proposals
Question 10. Question : ________ is a key industrial marketing strategy in bidding to build large-scale industrial products (e.g., dams, pipelines, et cetera).
Student Answer: Systems contracting