111 notecards = 28 pages (4 cards per page)
________ refers to the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers.
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.
How can a marketer overcome the negative effects of commoditization?
Which of the following is true for business marketers?
Which of the following is a challenge in which business marketers differ from the consumer marketers?
Ultimately, the amount of steel sold to General Motors depends on the consumers' demand for GM cars and trucks. From the standpoint of the steel manufacturer, which of the following demand forms is most pertinent?
The demand for business goods is ultimately derived from the demand for ________.
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 total demand for many business goods and services is not much affected by price changes. Thus, this demand is ________.
The purchasing department buys office supplies on a routine basis from a pre-approved list of suppliers. This type of purchase is classified as a ________.
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 ________.
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 ________.
Kenilworth Inc. is shifting from its rented four-room office to a standalone office building owned by the company itself. This can be classified as a ________.
In a ________ purchasing situation, the buyer wants to make some change to existing product specifications, prices, delivery requirements, or other terms.
The business buyer has to make the fewest decisions when involved in a ________.
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 change product specifications and delivery schedules. Which of the following buying situations is most likely to be in operation given this data?
Orica Inc. competes in the market for commercial explosives. The company recently changed its business model from just selling explosives to managing an entire blast in a quarry. This customer-solution-based approach to the sale of explosives is an example of ________.
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?
Many business buyers prefer to buy a total solution to a problem from one seller. This process is also known as ________.
Xerox offers a ________ approach to prospective clients when it offers a complete turnkey solution, including the operation and management of the client's information and communication need.
If Ampex Support Systems is the single supplier for a local manufacturing company's MRO (maintenance, repair, operating) supplies and needs, Ampex Support Systems is considered as providing ________ for the manufacturer.
________ is a key industrial marketing strategy in bidding to build large-scale industrial products such as dams, pipelines, etc.
________ is composed of all parties who participate in the purchasing decision-making process and share common goals and risks associated with their decisions.
In the purchasing decision process, the ________ are those who request that something be purchased. They may be users or others in the organization.
In the purchasing decision process, the ________ are those who have the power to prevent sellers or information from reaching members of the buying center.
In the purchasing decision process, the major role of ________ is in selecting vendors and negotiating.
If you performed the role of the ________ in a buying center, you would be the person that has the power to prevent sellers or information from reaching other members of the buying center.
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 ________.
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 ________.
In which of the following is a person performing the role of an influencer?
In which of the following is a person performing the role of an approver?
In which of the following is a person performing the role of a gatekeeper?
Which of the following is true about the buying center?
Small sellers should first concentrate their marketing efforts on reaching ________.
If you were an upper-level marketing executive of a large seller of trucks, which of the following strategies would be most appropriate in reaching buying center targets?
________ occurs when customers are given a perspective or point of view that allows the firm to "put its best foot forward."
The new, more strategically oriented purchasing departments have a mission. Which of the following most accurately describes that mission?
Patrick J. Robinson and his associates have identified eight stages in the business buying-decision process. This model is called the ________ framework.
According to Patrick J. Robinson, the eight stages in the business buying-decision process are known as ________.
Which of the following is a step in the straight rebuy buyclass?
A new-task buyclass decision begins with which of the following steps?
In reordering office supplies, the only stages that the buyer passes through are the product specification stage and the ________ stage.
The approach to cost reduction that studies whether components can be redesigned or standardized or made by cheaper methods of production without adversely impacting product performance is termed as ________.
Business buyers may get new ideas at a trade show, see an ad, or receive a call from a sales representative who offers a better product or a lower price compared to the current in-supplier. These situations spur the ________ stage.
Business marketers can stimulate problem recognition by ________.
With respect to e-procurement, Coca-Cola, Sara Lee, Kraft, PepsiCo, P&G, and several other companies joined forces to form a ________ called Transora to use their combined leverage to obtain lower prices for raw materials.
Plastics.com allows plastics buyers to search the best prices among thousands of plastics sellers. Plastics.com is an example of a(n) ________.
On an online ________ , prices change by the minute.
With respect to e-procurement, which of the two types of e-hubs are Web sites organized around?
Which of the following is an example of a functional hub?
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.
In the ________ method for assessing customer value, customers are asked how costs of using a new product compare to those of using an incumbent.
Robert Jennings consultants help farmers deliver an incremental animal weight gain of 8% to 12% over competitors. This is an example of ________.
A supplier signs an agreement with a customer that states that $350,000 in savings will be earned by the customer over the next 18 months in exchange for a tenfold increase in the customer's share of supplies ordered by the customer. If the supplier achieves less than this promised savings, it will make up the difference. If the supplier achieves substantially more than promised, it participates in the extra savings. This is an example of ________.
GM employees work at large customer facilities to reduce materials-management spending. This is an example of the ________ form of solution selling.
Through its dedicated research team, CISCO Systems Inc. has developed new value-added business solutions which enable its variant class-II capacitors to provide incremental productivity of 10 to 20 percent over its competitors. This is an example of the ________ form of solution selling.
Praxair Limited is a supplier of synthetic graphite to a number of electrode manufacturers in the U.S. Its customers have shifted their ordering responsibilities to Praxair and the company regularly monitors its customer's inventory levels and has taken responsibility for replenishing the supplies automatically through continuous replenishment programs. Which of the following systems do Praxair and its customers follow with respect to order-routine specification?
Which of the following methods is most likely to be used by buyers to review the performance of chosen suppliers?
A ________ establishes a long-term relationship in which the supplier promises to resupply the buyer as needed, at agreed-upon prices, over a specified period of time.
In the ________ category of buyer-supplier relationships, competition rather than cooperation is the dominant form of governance.
Which of the following relationships is characterized by much trust and commitment leading to a true partnership?
The partners in ________ systems are united in operational ways, but neither demonstrates structural commitment through legal means or adaptation.
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 ________.
The relationship between a company and its office supplies vendor where competition rather than cooperation is the dominant form of governance is probably best described as ________.
In the ________ category of buyer-supplier relationship, although bonded by a close, cooperative relationship, the seller adapts to meet the customer's needs without expecting much adaptation or change on the part of the customer in exchange.
According to research studies, the closest relationships between customers and suppliers arise when ________.
The type of buyer-supplier relationship in which buyers and sellers make many relationship-specific adaptations, but without necessarily achieving strong trust or cooperation is termed as ________.
________ investments are those expenditures tailored to a particular company and value chain partner.
Which of the following is a form of cheating or undersupply relative to an implicit or explicit contract which usually takes place when buyers cannot easily monitor supplier performance?
The ________ market consists of schools, hospitals, nursing homes, prisons, and other institutions that must provide goods and services to people in their care.
In most countries, ________ are the major buyers of goods and services. They typically require suppliers to submit bids and often award the contract to the lowest bidder.
Organizational buying is the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers.
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.
Commoditization strengthens customer loyalty.
The business market is essentially the same market as the consumer market.
Business buyers often select suppliers who also buy from them.
The business marketer normally deals with far fewer, much larger buyers than the consumer marketer does.
An increase in the demand for plant and equipment can lead to a much larger increase in consumer demand. This is known as the acceleration effect.
The demand for business goods is ultimately derived from the demand for raw materials.
The total demand for many business goods and services is inelasticthat is, not much affected by price changes.
In the straight rebuy, "out-suppliers" try to get a small order and then enlarge their purchase share over time.
The buyer in a straight rebuy usually changes product specifications, prices, delivery requirements, or other terms.
The business buyer makes the fewest decisions in the straight rebuy situation and the most in
Most business buyers reject what is called systems buying from one seller.
Systems selling is a key industrial marketing strategy in bidding to build large-scale industrial projects such as dams or pipelines.
Sellers benefit from systems contracting through lower operating costs as a result of steady demand and reduced paperwork.
The buying center is where consumers go to purchase their goods and services.
With respect to the buying center, approvers are people who have the power to prevent sellers or information from reaching members of the buying center.
Initiators are those who authorize the proposed action of deciders or buyers.
Influencers influence the buying decision by helping define specifications and providing information for evaluating alternatives.
In the buying center, several people can occupy a given role such as user or influencer, and one person may play multiple roles.
Small sellers concentrate on multilevel in-depth selling instead of reaching the key buying influencers.
In the business market, small sellers concentrate on reaching as many participants as possible because their chances of success are slim.
Framing occurs when customers are given a perspective or point of view that allows the firm to "put its best foot forward."
A performance review is the first step in the buygrid framework.
The buying process begins when someone places an order with a sales representative.
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.
On spot electronic markets, prices of products or commodities change by the minute.
In buying alliances, participants offer to trade goods or services.
With respect to assessing customer value, in conjoint analysis customers are asked to rank their preference for alternative market offerings or concepts.
One of the forms of solution selling is to provide solutions to enhance customer revenues.
Risk and gain sharing can offset price reductions that customers request.
Companies are increasingly reducing the number of suppliers they utilize, and there is a trend toward single sourcing.
Most performance reviews are conducted by outside auditing agencies to avoid bias and internal discrepancies.
In buyer-seller relationships, the contractual transaction generally shows low levels of trust, cooperation, and interaction.
Corporate credibility depends on corporate expertise, corporate trustworthiness, and corporate likability.
One of the problems facing B2B on the Web is that many firms often impose more stringent requirements on their online business partners than they do on non-online partners.
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.
Contracts are always sufficient to govern supplier transactions and prevent supplier opportunism.
A good illustration of a member of the institutional market would be Boeing because it is a member of the aviation institution structure.
The U.S. government is the largest customer in the world.