Saint LEO MBA565/ MBA565 Module 3 Quiz - 95466

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Question 1. Question : The ________ market consists of schools, hospitals, nursing homes, prisons, and other institutions that must provide goods and services to people in their care. Student Answer: vertical nonprofit spot secondary business institutional Question 2. Question : Business buyers are ultimately purchasing solutions to two problems: the organization's economic and strategic problem and ________. Student Answer: their own personal need for individual achievement and reward the community's continued health and well-being the fulfillment of the company's social impact goals to maximize overall firm performance none of the above Question 3. Question : With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group. Student Answer: single-segment concentration selective specialization product specialization market specialization full market coverage Question 4. Question : In order to successfully develop customer reference stories, firms should ________. Student Answer: state the customer's needs in compelling terms use very few direct customer quotes avoid referencing the barriers to satisfying customer needs describe the company's solution in terms of products and services focus on qualitative results Question 5. Question : Many business buyers prefer to buy a total solution to a problem from one seller. ________ is the correct term for this process. Student Answer: Channel consolidation Systems buying Vertical buying Horizontal buying Supply buying Question 6. Question : Research has found that buyer-suppler relationships differed according to four factors. Which of the following would NOT be among those factors? Student Answer: Importance of supply Complexity of supply Availability of alternatives Supply market dynamism Demand market conservatism Question 7. Question : In the past, what position did purchasing departments hold in the management hierarchy of most organizations? Student Answer: A high level because of their role in managing the company's costs A moderate level because of their spotty record on controlling costs A low level despite managing more than half of the company's costs A secretive position There has been no determination of this position. Question 8. Question : 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. Student Answer: business market consumer market e-commerce market global market supplier market Question 9. Question : In the proposal solicitation process, ________ should be marketing documents that describe value and benefits in customer terms. Student Answer: written proposals oral proposals e-proposals alliance proposals global proposals Question 10. Question : ________ is a key industrial marketing strategy in bidding to build large-scale industrial products (e.g., dams, pipelines, et cetera). Student Answer: Systems contracting Systems buying Systems selling Solutions buying Turnkey logistics
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Question

1. Question : The ________ market consists of schools, hospitals, nursing homes, prisons, and other institutions that must provide goods and services to people in their care.

Student Answer: vertical

nonprofit

spot

secondary business

institutional

Question 2. Question : Business buyers are ultimately purchasing solutions to two problems: the organization's economic and strategic problem and ________.

Student Answer: their own personal need for individual achievement and reward

the community's continued health and well-being

the fulfillment of the company's social impact goals