Question 1

Explain the concept of solution selling.Give one example of this approach.

Accepted Answer

The answer of Explain the concept of solution selling.Give one...

Question 2

Business markets have several characteristics that contrast sharply with those of consumer markets.Name and briefly characterize five of those characteristics.

Accepted Answer

The answer of Business markets have several characteristics that contrast...

Question 3

When purchasing disposable surgical gowns,Mercy Hospital's vice president of purchasing analyzes whether the hospital should buy disposable gowns or reusable gowns.If the findings favor disposable gowns,then the operating-room administrator compares various competitors' products and prices and makes a choice.Surgeons influence the decision retroactively by reporting their satisfaction with the particular brand.In this situation,the surgeons perform the role of the ________.

Accepted Answer

The surgeons in this situation are the users of the disposable surgical gowns, as they are the ones who will be wearing them during procedures. While they may provide feedback on their satisfaction with the product, they are not the ones making the decision to purchase disposable gowns or choosing between competitors' products and prices. The vice president of purchasing and the operating-room administrator fulfill those roles.

Question 4

List the stages (buyphases)of the industrial buying process.

Accepted Answer

The answer of List the stages (buyphases)of the industrial buying...

Question 5

Sometimes a rise of only 10% in consumer demand can cause as much as a 200% rise in business demand for products for the next period.This is an example of ________.

Accepted Answer

The answer of Sometimes a rise of only 10% in...

Question 6

List and briefly describe the seven roles played by members of a buying center.

Accepted Answer

The answer of List and briefly describe the seven roles...

Question 7

Researchers have found that buyer-supplier relationships differed according to four factors: availability of alternatives; importance of supply; complexity of supply; and supply market dynamism.Based on these four factors,they classified buyer-supplier relationships into eight different categories.What are those categories

Accepted Answer

The answer of Researchers have found that buyer-supplier relationships differed...

Question 8

Identify the five factors affecting partner interdependence and environmental uncertainty that influence the development of a relationship between business partners.

Accepted Answer

The answer of Identify the five factors affecting partner interdependence...

Question 9

Identify four types of contract restrictions that business suppliers can use to protect their margins when dealing with price-oriented buyers.

Accepted Answer

The answer of Identify four types of contract restrictions that...

Question 10

Think about what you have learned about a buying center.If you performed the role of the ________,you would be the person that has the power to prevent sellers or information from reaching other members of the buying center.

Accepted Answer

The role described in the question is that of a gatekeeper. Gatekeepers have the power to control the flow of information to other members of the buying center. They can prevent sellers or information from reaching other members of the group. Therefore, the best choice is D) gatekeeper.

Question 11

Orica Ltd.competes in the market for commercial explosives and recently changed its business model to the management of an entire blast in a quarry,selling contracts for "broken rock," rather than just selling explosives.This customer-solution-based approach to the sale of explosives is an example of ________.

Accepted Answer

Orica Ltd.'s customer-solution-based approach to the sale of explosives is an example of systems selling, where the company sells a complete solution or system rather than just a product.

Question 12

When purchasing disposable surgical gowns,Mercy Hospital's vice president of purchasing analyzes whether the hospital should buy disposable gowns or reusable gowns.If the findings favor disposable gowns,then the operating-room administrator compares various competitors' products and prices and makes a choice.Surgeons influence the decision retroactively by reporting their satisfaction with the particular brand.In this situation,the operating-room administrator performs the role of the ________.

Accepted Answer

The operating-room administrator performs the role of the decider, as they are responsible for comparing products and prices and making the final purchasing decision.

Question 13

Describe the practices of systems buying and systems contracting.

Accepted Answer

The answer of Describe the practices of systems buying and...

Question 14

Jason Riggs' company is considered to be an in-supplier for a lawn mower manufacturer.However,recently the lawn mower company has put out a memo to in- and out-suppliers indicating that it would like to modify product specifications and delivery schedules.Which of the following buying situations is most likely to be in operation given this data

Accepted Answer

The lawn mower company's desire to modify product specifications and delivery schedules indicates a significant change in their requirements, which is characteristic of a modified rebuy situation. In this situation, the buyer is looking for modifications to current products or services, or considering new ones altogether.

Question 15

According to Webster,with respect to buying center influences,senior managers should remember that people are ________.

Accepted Answer

Webster suggests that senior managers should remember that people in the buying center are not just buying products, but solutions to their problems. This means that the primary concern of people in the buying center is finding a solution to their problems and not just buying products. Senior managers need to understand this to effectively influence the buying center.

Question 16

If you decided to go into the systems contracting business,which of the following categories would constitute your main area of expertise,the service you provide for customers

Accepted Answer

MRO (maintenance, repair, operating) supplies are the main area of expertise for systems contracting businesses.

Question 17

List and briefly characterize five methods of assessing customer value.

Accepted Answer

The answer of List and briefly characterize five methods of...

Question 18

Shoe manufacturers are not going to buy much more leather if the price of leather falls,nor will they buy much less leather if the price rises,unless they can find satisfactory substitutes.This is an example of ________.

Accepted Answer

Inelastic demand refers to a situation where a change in price does not have a significant impact on the quantity demanded. In this case, shoe manufacturers are unlikely to change their leather purchasing habits based on small changes in price, indicating inelastic demand. The other options are not relevant to the given scenario.

Question 19

Illustrate the differences between a straight rebuy,modified rebuy,and a new-task purchase.

Accepted Answer

The answer of Illustrate the differences between a straight rebuy,modified...

Question 20

All of the following are considered to be guidelines for selling to small businesses EXCEPT ________.

Accepted Answer

The statement "do not use the Internet" is not a guideline for selling to small businesses. In fact, using the internet can be an effective way to reach small businesses. The other options - keeping it simple, not lumping small and midsize businesses together, not forgetting about direct contact, and providing support after the sale - are all considered important guidelines for selling to small businesses.

Quiz 7: Analyzing Business Markets