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Exam 7: Analyzing Business Markets

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Question 61

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

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The characteristics of business markets ...

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Question 62

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The total demand for many business goods and services is not much affected by price changes.Thus,this demand is ________.

A) derived
B) fluctuating
C) accelerated
D) multiple
E) inelastic

F) C) and E)
G) B) and D)

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Question 63

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The business market 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.List the major industries that make up the business market.

The partners in ________ systems are united in operational ways,but neither demonstrates structural commitment through legal means or adaptation.

The business marketer normally deals with far fewer,much larger buyers than the consumer marketer does.

Initiators are those who authorize the proposed action of deciders or buyers.

Product value analysis is an approach to efficiency that studies whether components can be redesigned or made by more efficient methods of production without adversely impacting product performance.

Systems selling is a key industrial marketing strategy in bidding to build large-scale industrial projects such as dams or pipelines.

What are the benefits of e-procurement?

Buying centers usually include several participants with differing interests,authority,status,and persuasiveness.Explain.

BEL is a small seller of specialized auto parts,while MES is a large seller of auto parts.Both firms want to approach the same car company with a view to supplying parts to it.How will their approaches differ?

The buying process begins when someone places an order with a sales representative.

In a ________ purchasing situation,the buyer wants to make some change to existing product specifications,prices,delivery requirements,or other terms.

Patrick Jung and his associates have identified eight stages in the business buying-decision process.This model is called the ________ framework.

The ________ approach to consumer research asks customers to attach a monetary value to alternative levels of a given attribute.The value of a given configuration is determined by adding the average values of each of the given attributes.

Value Central has a partnership of high trust and commitment with certain suppliers and gives them access to its sophisticated and detailed daily,individual store-based sales data.In exchange,those suppliers are responsible for managing Value Central's inventory of their products.This relationship is best described as ________.

Framing occurs when customers are given a perspective or point of view that allows the firm to "put its best foot forward."

The demand for business goods is ultimately derived from the demand for ________.

Which of the following is a challenge in which business marketers differ from the consumer marketers?

The "customer is king" category of buyer-seller relationship is relatively simple,and one in which routine exchanges with moderately high levels of cooperation and information exchange occur.