64434943-Kotler07

64434943-Kotler07 - Chapter 7: Analyzing Business Markets...

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Chapter 7: Analyzing Business Markets GENERAL CONCEPT QUESTIONS Multiple Choice 1. To create and capture value, sellers need to understand business organizations’ needs, resources, policies, and ________. a. demands b. protocols c. strategies d. buying procedures e. personnel policies Answer: d Page: 195 Difficulty: Easy 2. 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. a. business market b. consumer market c. e-commerce market d. global market e. supplier market Answer: a Page: 196 Difficulty: Medium AACSB: Analytic Skills 3. Business markets differ significantly consumer markets in that business markets possess all of the following characteristics EXCEPT ________. a. fewer, larger buyers b. close supplier–customer relationship c. professional purchasing d. inverted demand e. multiple sales calls Answer: d Page: 196 Difficulty: Hard AACSB: Reflective Thinking
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Part 3: Connecting with Customers 4. All of the following would be among the major industries that make up the business market EXCEPT ________. a. agriculture, forestry, and fisheries b. manufacturing c. construction d. banking, finance, and insurance e. the Internet Answer: e Page: 196 Difficulty: Hard 5. The business marketer normally deals with ________ buyers than the consumer marketer does. a. more and larger b. more and smaller c. fewer and larger d. fewer and smaller e. the same number of Answer: c Page: 196 Difficulty: Medium AACSB: Analytic Skills 6. Ultimately, the amount of steel sold to General Motors depends on the consumer’s demand for GM cars and trucks. From the standpoint of the steel manufacturer, which of the following demand forms is most pertinent? a. Derived demand b. Inelastic demand c. Geographic demand d. Relational demand e. Static demand Answer: a Page: 197 Difficulty: Hard AACSB: Reflective Thinking 7. The demand for business goods is ultimately derived from the demand for ________. a. raw materials b. consumer goods c. electronics d. business solutions e. e-commerce Answer: b Page: 197 Difficulty: Easy 8. A given percentage increase in consumer demand can lead to a much larger percentage increase in the demand for plant and equipment necessary to produce the additional output. Economists refer to this as the ________. a. derived demand b. inelastic demand c. acceleration effect d. straight rebuy e. sales cycle Answer: c Page: 198 Difficulty: Medium AACSB: Analytic Skills
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Chapter 7: Analyzing Business Markets 9. The total demand for many business goods and services is ________ —that is, not much affected by price changes. a. derived b. fluctuating c. accelerated d. multiple e. inelastic Answer: e Page: 198 Difficulty: Medium AACSB: Analytic Skills 10. The business buyer faces many decisions in making a purchase. The number of decisions depends on the buying situation. All of the following contribute to the number of decisions required EXCEPT the
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This note was uploaded on 03/07/2012 for the course ECON 3014 taught by Professor Michaelshaw during the Spring '11 term at HKU.

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64434943-Kotler07 - Chapter 7: Analyzing Business Markets...

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