Question 1

Which of the following is the means by which companies post purchase requests online and invite suppliers to bid for their business?
A) extranet links
B) intranet connections
C) trading exchanges
D) traditional procurement
E) reverse auctions

Accepted Answer

The means by which companies post purchase requests online and invite suppliers to bid for their business is called reverse auctions. Reverse auctions are a type of online bidding process where suppliers compete with each other in real-time to win business from the buyer.

Question 2

________ is the degree to which an innovation is difficult to understand or use.
A) Relative advantage
B) Compatibility
C) Complexity
D) Divisibility
E) Communicability

Accepted Answer

Complexity refers to how difficult an innovation is to understand or use. This can affect the rate at which it is adopted, as individuals may be less likely to adopt an innovation that they perceive as too complex or difficult to use.

Question 3

Fred's faith in his favorite brand makes him consider new initiatives and products introduced by the brand.Fred is not a risk-taker,and he tends to evaluate each new product carefully before adopting it.Fred is an opinion leader in his social networking community.Fred is best described as a(n)________.
A) lagging adopter
B) innovator
C) early adopter
D) early mainstream adopter
E) late mainstream adopter

Accepted Answer

Fred's careful evaluation of new products suggests that he is not an innovator or early adopter. However, his faith in his favorite brand and role as an opinion leader suggest that he is more likely to be an early mainstream adopter rather than a late mainstream adopter or lagging adopter.

Question 4

________ is defined as a business strategy where business buyers prefer to buy a complete solution to a problem from a single seller rather than buying separate products and services from several suppliers.
A) Modified rebuy
B) Straight rebuy
C) New task buying
D) Systems selling
E) Supplier development

Accepted Answer

Systems selling is defined as a business strategy where business buyers prefer to buy a complete solution to a problem from a single seller rather than buying separate products and services from several suppliers. This approach helps the seller to differentiate themselves from competitors by providing a comprehensive solution that addresses the buyer's specific needs. The seller can also gain a higher profit margin by offering a bundled solution rather than individual products or services.

Question 5

Which of the following statements about buying centers is true?
A) The buying center is a fixed and formally identified unit within a buying organization.
B) Roles in the buying center are specified in the organizational chart of a firm.
C) The CEO of an organization is always the decision maker in a buying center.
D) An individual's role in a buying center does not change with time.
E) Some buying centers involve informal participants.

Accepted Answer

Some buying centers involve informal participants, meaning that not all members of a buying center are formally identified or have a fixed role. The composition of a buying center may change over time depending on the specific purchasing decision being made. Therefore, statement A, B, C, and D are not entirely accurate or universally applicable.

Question 6

Which of the following is most likely the final stage of the business buying process?
A) problem recognition
B) product specification
C) proposal solicitation
D) order-routine specification
E) supplier performance review

Accepted Answer

Supplier performance review is typically the final stage where the buyer evaluates the supplier's performance to ensure that the terms of the contract have been met and to decide on future business dealings.

Question 7

A company regularly purchases cleaning supplies from a vendor and orders relatively consistent amounts of the same products on each purchase from the same vendor.This is an example of a(n)________.
A) modified rebuy
B) new task situation
C) straight rebuy
D) dual distribution system
E) exclusive distribution system

Accepted Answer

The given scenario describes a straight rebuy situation where the company purchases the same products from the same vendor on a regular basis. In a straight rebuy, a buyer routinely reorders a product with no or minimal modifications to the existing order.

Question 8

________ is the degree to which the results of using an innovation can be observed or described to others.
A) Relative advantage
B) Compatibility
C) Complexity
D) Divisibility
E) Communicability

Accepted Answer

Communicability is the degree to which the results of using an innovation can be easily communicated and described to others. This relates to the idea of word-of-mouth marketing and how easily an innovation can be shared and adopted within a social network.

Question 9

________ is the degree to which an innovation may be tried on a limited basis.
A) Divisibility
B) Compatibility
C) Communicability
D) Relative advantage
E) Complexity

Accepted Answer

Divisibility refers to the degree to which an innovation can be tried on a limited basis. A highly divisible innovation can be tested out in smaller increments and has a lower risk for the adopter. Therefore, A) Divisibility is the best answer for the question asked.

Question 10

________ is the degree to which an innovation fits the values and experiences of potential consumers.
A) Relative advantage
B) Divisibility
C) Complexity
D) Compatibility
E) Communicability

Accepted Answer

Compatibility refers to the degree to which an innovation is perceived as consistent with the values, experiences, and needs of potential adopters. It is a crucial factor in the adoption process since individuals are more likely to adopt innovations that are compatible with their current way of life.

Question 11

A business buyer is considering a change in product specifications,terms,and possibly suppliers.This buying situation is referred to as a(n)________.
A) modified rebuy
B) new-task situation
C) straight rebuy
D) dual distribution channel
E) exclusive distribution channel

Accepted Answer

A modified rebuy situation refers to when a buyer considers changing product specifications, terms, or suppliers, while still maintaining the same basic product or service. This is different from a straight rebuy, where the buyer simply reorders the same product or service without any changes, or a new-task situation, where the buyer is purchasing a product or service for the first time and needs extensive research and evaluation. Dual distribution channel and exclusive distribution channel are both related to distribution strategies and not buying situations.

Question 12

Mike's,a chain of department stores,regularly purchases plastic bags from a certain supplier.The store decides to switch to less expensive bags made of biodegradable plastic.The change will promote an environmentally-friendly image for the department store and cut costs.This approach to cost reduction most likely occurred in the ________ stage of the business buying process.
A) problem recognition
B) general need description
C) product specification
D) supplier search
E) proposal solicitation

Accepted Answer

The product specification stage involves defining the necessary attributes of the desired product or service, such as price, quality, and characteristics. In this scenario, switching to biodegradable plastic bags is a specific product requirement that falls under this stage. The cost reduction aspect also aligns with this stage as a factor that needs to be considered in determining the product specifications. Therefore, option C is the best choice.

Question 13

Which of the following do organizational buyers use when they want to connect with important suppliers and create direct procurement accounts?
A) extranet links
B) intranet links
C) search engines
D) trading exchanges
E) reverse auctions

Accepted Answer

Organizational buyers use extranet links to connect with important suppliers and create direct procurement accounts. Extranet links are secure and private networks that allow suppliers to interact with the organization's internal systems, which simplifies the procurement process. Intranet links are internal networks that connect employees within an organization, while search engines and trading exchanges are not used for creating direct procurement accounts. Reverse auctions are used by buyers to source products, not to connect with suppliers.

Question 14

GenX,a manufacturer of sport motorcycles,is seeking a new supplier of motorcycle headlamps and brake lights.After searching trade directories,GenX invites five different suppliers to make formal presentations about how their solutions can create greater value for GenX than competing solutions.GenX is currently in the ________ stage of the business buying process.
A) problem recognition
B) general need description
C) product specification
D) supplier search
E) proposal solicitation

Accepted Answer

GenX has recognized the problem of needing a new supplier for their motorcycle headlamps and brake lights, has described their general need for those products, and has specified the required features. The company has now actively searched for suppliers and invited them to make formal presentations, indicating that they are in the proposal solicitation stage of the business buying process.

Question 15

Which of the following generally increases the total demand for business products?
A) an increase in product price
B) a reduction in the number of business buyers
C) an increase in consumer demand
D) low buyer demand
E) high production costs

Accepted Answer

An increase in consumer demand generally leads to an increase in demand for business products as well, as businesses try to keep up with the increased demand for their goods or services.

Question 16

________ is the degree to which an innovation appears superior to existing products.
A) Relative advantage
B) Compatibility
C) Complexity
D) Divisibility
E) Communicability

Accepted Answer

Relative advantage is the degree to which an innovation appears superior to existing products. It is based on the perception of the potential adopter and can be influenced by factors such as cost savings, increased efficiency, or improved functionality.

Question 17

In a straight rebuy,a buyer ________.
A) wants to obtain the same product from a lower-priced supplier
B) reorders something without any modifications
C) considers a product or service for the first time
D) needs a modified product to suit new requirements
E) finds new ways to add value to the same product

Accepted Answer

In a straight rebuy, the buyer simply reorders the same product without any modifications.

Question 18

Which of the following is true of business markets?
A) The business marketer normally deals with far more but far smaller buyers than the consumer marketer does.
B) Business markets generally involve far less money and items than do consumer markets.
C) Business demand is derived demand as it ultimately derives from the demand for consumer goods.
D) A small percentage decrease in consumer demand can cause a large increase in business demand.
E) The total demand for business products is much affected by price changes in the short run.

Accepted Answer

Business demand is derived demand as it ultimately relies on the demand for consumer goods. Businesses buy goods and services to produce goods and services for consumers. Therefore, the demand for goods and services in business markets is a result of the demand for those goods and services in consumer markets. Choices A, B, D, and E are incorrect because they do not accurately describe business markets. Business markets typically involve fewer buyers but larger transactions, and changes in consumer demand do not always have a direct impact on business demand, among other differences.

Question 19

During which stage of the business buying process is a buyer most likely to conduct value analysis by carefully studying components to determine if they can be redesigned,standardized,or made less expensively?
A) general need recognition
B) product specification
C) proposal solicitation
D) order-routine specification
E) performance review

Accepted Answer

During the product specification stage, the buyer is most likely to conduct value analysis and carefully study components to determine if they can be redesigned, standardized, or made less expensively. This is because during this stage, the buyer is specifying the desired product or service and considering various alternatives to meet their needs. Value analysis helps the buyer to evaluate the features and benefits of different offerings and determine which one provides the best value for their money.

Question 20

Voorhees' Farms raises chickens.For years,it has used wooden coops for hauling its poultry to market.When the owner,Jason Voorhees,went to reuse some of his coops,he noticed many of them could not be sufficiently cleaned for reuse and needed to be replaced.Which stage of the business buying process was Voorhees in when he decided to replace his old coops?
A) problem recognition
B) general need description
C) product specification
D) product value analysis
E) performance review

Accepted Answer

Jason Voorhees was in the stage of problem recognition when he realized that many of his old coops could not be sufficiently cleaned for reuse and needed to be replaced.

Quiz 5: Understanding Consumer and Business Buyer Behavior

Which of the following is the means by which companies post purchase requests online and invite suppliers to bid for their business?

________ is the degree to which an innovation is difficult to understand or use.

________ is defined as a business strategy where business buyers prefer to buy a complete solution to a problem from a single seller rather than buying separate products and services from several suppliers.

Which of the following statements about buying centers is true?

Which of the following is most likely the final stage of the business buying process?

A company regularly purchases cleaning supplies from a vendor and orders relatively consistent amounts of the same products on each purchase from the same vendor.This is an example of a(n) ________.

________ is the degree to which the results of using an innovation can be observed or described to others.

________ is the degree to which an innovation may be tried on a limited basis.

________ is the degree to which an innovation fits the values and experiences of potential consumers.

A business buyer is considering a change in product specifications,terms,and possibly suppliers.This buying situation is referred to as a(n) ________.

Which of the following do organizational buyers use when they want to connect with important suppliers and create direct procurement accounts?

Which of the following generally increases the total demand for business products?

________ is the degree to which an innovation appears superior to existing products.

In a straight rebuy,a buyer ________.

Which of the following is true of business markets?

During which stage of the business buying process is a buyer most likely to conduct value analysis by carefully studying components to determine if they can be redesigned,standardized,or made less expensively?