Question 1

Customer satisfaction occurs when the buyer's expectations are met and needs fulfilled.

Accepted Answer

Customer satisfaction is achieved when the customer's expectations are met and their needs are fulfilled.

Question 2

The market exchange is the highest level of long-term relationship that a buyer and seller can commit to.

Accepted Answer

False

Question 3

Supplier relationship management uses existing vendor relationships to cultivate new vendor relationship.

Accepted Answer

Supplier relationship management focuses on managing and improving the existing vendor relationships, rather than using them to cultivate new relationships.

Question 4

A(n) ___________ profit is the selling price minus cost of goods sold and selling costs.

Accepted Answer

A seller's profit is calculated as the selling price minus the cost of goods sold and selling costs. This type of profit is specific to the seller's perspective, as it takes into account expenses related to selling the product (such as marketing or advertising costs) in addition to the cost of producing the product. Economic profit, on the other hand, factors in total opportunity costs and can be negative even if a sale is made. Production profit and buyer's profit are not commonly used terms in business. Partnering profit typically refers to profit earned by partnerships between two or more companies.

Question 5

Gerry's company brought in the top performing salespeople and studied their sales presentations. Using the information gathered, the company developed a(n) _____________ for all salespeople to use without deviation.

Accepted Answer

The fact that the company developed a presentation for all salespeople to use without deviation suggests that it is a canned sales pitch, which is a pre-prepared presentation that is delivered in the same manner and wording every time.

Question 6

During which stage in the evolution of personal selling was the role of the salesperson to serve as provider?

Accepted Answer

During the production stage, the role of the salesperson was primarily to serve as a provider, focusing on fulfilling demand for products that were already in high demand.

Question 7

Boundary-spanning employees are only needed in the early stages of the development of the buyer-seller relationship.

Accepted Answer

Boundary-spanning employees are needed throughout the development and maintenance of the buyer-seller relationship. They help to bridge any communication gaps and ensure that both parties understand and meet each other's needs.

Question 8

During the production era, the primary activity for salespeople was to:

Accepted Answer

During the production era, salespeople's primary activity was to take orders and deliver goods efficiently. The emphasis was on producing as many goods as possible and selling them to as many people as possible, with little to no concern for matching product to buyer need or building long-term customer relationships.

Question 9

Relational partnerships are created explicitly for the purpose of uncovering and exploiting joint opportunities.

Accepted Answer

The answer of Relational partnerships are created explicitly for the...

Question 10

A(n) ___________ profit is the selling price minus cost of the product and time and effort needed to purchase it.

Accepted Answer

Buyer's profit is the difference between the selling price and the total cost incurred by the buyer, including the product cost and the time and effort to purchase it.

Question 11

The typical goal for market exchange selling is to maximize lifetime customer relationships.

Accepted Answer

The answer of The typical goal for market exchange selling...

Question 12

For consumers, value equals selling costs minus the selling price and effort.

Accepted Answer

The formula for value for consumers is actually selling benefits minus selling costs, not selling costs minus selling price and effort.

Question 13

The aggressive, arm-twisting, customers'-wants-don't-matter style of selling that created some of today's negative images of the selling profession is most closely associated with which era of the evolution of personal selling?

Accepted Answer

The aggressive, arm-twisting, customers'-wants-don't-matter style of selling is associated with the sales era of the evolution of personal selling (1920s-1960s).

Question 14

The Internet often increases buyer's profit through

Accepted Answer

The Internet often reduces the cost of shopping for buyers by allowing them to compare prices across different retailers and save money on transportation costs.

Question 15

Another name for a buyer's profit is:

Accepted Answer

A buyer's profit is essentially the value they receive from a purchase that exceeds the cost they paid for it. Therefore, "value" is the best choice as another name for a buyer's profit. The other options (barter, CRM, a market exchange, and trust) do not accurately describe a buyer's profit.

Question 16

Although each of the eras of the evolution of personal selling is associated with a particular time period, all of the various roles for salespeople still exist.

Accepted Answer

While the emphasis and approach of personal selling may have shifted over time, the fundamental roles and responsibilities of salespeople have remained consistent throughout the evolution of personal selling. Therefore, all of the roles still exist, even if they may be approached differently or have different levels of importance depending on the era.

Question 17

The sum of the purchases a customer makes over their entire life is equimarginal value of a customer.

Accepted Answer

Equimarginal value of a customer refers to the amount of money a company is willing to spend in order to acquire and retain a customer. It is not the same as the total sum of purchases a customer makes over their entire lifetime.

Question 18

During the _____ era of the evolution of personal selling, the role of salespeople was to aggressively convince buyers to buy products.

Accepted Answer

The sales era of personal selling, which began in the early 1900s and lasted until the 1960s, was characterized by aggressive sales tactics and the belief that consumers needed to be convinced to buy products. This era focused on closing the sale and generating revenue rather than building relationships with customers.

Question 19

Value is measured the same way for both buyers and sellers.

Accepted Answer

Value can be perceived differently by buyers and sellers based on their individual needs, preferences, and circumstances. For example, a buyer may be willing to pay a higher price for a product if they believe it will provide them with greater benefits or solve a specific problem, while a seller may assign a lower value to the same product if they are trying to quickly liquidate their inventory or face market competition. Therefore, value is subjective and can vary depending on the perspective of the buyer or seller.

Question 20

Lead users face and resolve problems after the rest of the marketplace has addressed these needs.

Accepted Answer

The answer of Lead users face and resolve problems after...

Quiz 2: Building Partnering Relationships