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Exam 6: Business Markets and Business Buyer Behavior

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Question 31

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In ________, companies put their purchasing requests online and invite suppliers to bid for the business.

A) product specification
B) supplier search
C) reverse auctions
D) procurement
E) problem recognition

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Question 32

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Digital and social media are useful primarily for consumer products and services companies.

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Question 33

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During which of the following stages of the business buying process is a buyer most likely to conduct a value analysis by carefully studying components to determine if they can be redesigned, standardized, or made less expensively?

Some companies sell primarily to government buyers as prime contractors or subcontractors. This allows these companies to ________, participate in the product specification phase, gather competitive intelligence, prepare bids carefully, and produce stronger communication to describe and enhance their companies' reputations.

A manager in a garment manufacturing company decided to replace the plastic shopping bags currently used in his company with bags made of recyclable material. Consequently, he asked the operations officer to gather relevant information and send a list of alternatives to him. In the business buying process, the manager is preparing a(n) ________.

SkyWalk Aeronautics Limited received orders for 25 cargo air carriers from Zephyr Cargo Limited through its Web site in 2016. This is an example of ________.

In routine buying, buyers are often the ________, or at least the approvers.

In the business buying process, the buyer and seller are relatively less dependent on each other.

In the performance review stage, the seller or the buyer may modify, continue, or cancel the business arrangement.

Gatekeepers have formal or informal power to select or approve the final suppliers.

Differences between business markets and consumer markets include all of the following EXCEPT ________.

Business buyers are subject primarily to economic influences when they make their buying decisions. Emotional or personal factors rarely are involved.

Government organizations typically require suppliers to submit bids, and normally they award the contract to the lowest bidder.

Sheffield Cargo serves both consumer and business markets, but most of its revenue comes from its business customers. Of late, the business customers of Sheffield Cargo have demanded a change in the packaging of heavy cargo along with a more sophisticated and user-friendly extranet framework. Sheffield Cargo is under pressure to offer better products and services or risk losing a huge portion of its customers. This is an example of ________.

The decision-making unit of a purchasing organization is called its ________.

A business purchase usually involves all of the following EXCEPT ________.

By showing buyers a better way to make an object, outside sellers can ________.

Buyers who face a ________ usually go through all stages of the buying process.

A company will likely identify qualified suppliers by doing all of the following EXCEPT ________.

Refer to the scenario below to answer the following question(s) . Alpha Stampings Inc. produces 14 metal stampings for the automotive industry. Due to industry design changes and consumer demands, for the next financial year, six of those stampings will require a slight change: two will have an extra hole punched through the side, two will require an extra plating process, and two will require an additional weld operation. In the meantime, purchasing agent Richard Koehl has been asked to reduce the number of Alpha's steel suppliers in an effort to cut costs. After obtaining updated price quotations and steel samples from his current suppliers, Richard faced a dilemma. Until now, he had selected his suppliers based on quality and price, but the major consideration had been the type of steel required and the specialized production processes of his respective suppliers. Not all of Alpha's suppliers could produce the exact grades of steel needed; some suppliers were better at producing certain types of steel than others. Richard contacted several employees at Alpha who had worked with the various types of steel in the past. The quality control manager and line inspector, for example, could help to determine which suppliers had the capabilities of producing specific types of steel. The production control manager could provide input regarding which types of steel worked best in which presses. The warehouse foreman gave inputs regarding how long various types of steel could be held in inventory before rust spots began to form on their surfaces. Each person contributed the necessary information to help Richard in making his decision. -The management's directive to reduce the number of steel suppliers refers to the influence of ________ factors affecting the business buying behavior of Alpha.