MKTG 409 EXAM 1 QUESTIONS AND ANSWERS
What purpose would an individual in a business market have for purchasing a specific
kind of product? (Select three) - Answers - -Use in daily operations
-Resale
-Direct use in producing other products
Hospitals, colleges and universities, and museums fall into the ______ category of
business customers. - Answers - institutional market
Retailers and wholesalers are part of the _______ category. - Answers - reseller market
Which category of business customers includes individuals and business organizations
that purchase products to profit by using them to produce other products or using them
in their operations? - Answers - Producer market
The first two digits of a NAICS code designate the _______. - Answers - sector
The NAICS is a system for classifying businesses in _______. - Answers - North
America
To estimate the purchase potential of business customers, a marketer must find a
relationship between a variable available in industrial classification data, such as
number of employees, and the size of _______. - Answers - potential customers'
purchases
Which of the following is an arrangement unique to business in which two businesses
agree to buy from each other? - Answers - Reciprocity
Which of the following are primary concerns when it comes to business customers
making purchasing decisions? (Select three) - Answers - Supplier relationships
Product quality
Price
Buyers of industrial equipment would most likely use ______________
as their purchase method. - Answers - inspection
In a _______, the business buyer reorders the same goods or services without looking
for new information or investigating other suppliers. - Answers - straight rebuy purchase
Inelastic demand means _______. - Answers - an increase or decrease in the price of a
product will not significantly affect demand for the product
What purpose would an individual in a business market have for purchasing a specific
kind of product? (Select three) - Answers - -Use in daily operations
-Resale
-Direct use in producing other products
Hospitals, colleges and universities, and museums fall into the ______ category of
business customers. - Answers - institutional market
Retailers and wholesalers are part of the _______ category. - Answers - reseller market
Which category of business customers includes individuals and business organizations
that purchase products to profit by using them to produce other products or using them
in their operations? - Answers - Producer market
The first two digits of a NAICS code designate the _______. - Answers - sector
The NAICS is a system for classifying businesses in _______. - Answers - North
America
To estimate the purchase potential of business customers, a marketer must find a
relationship between a variable available in industrial classification data, such as
number of employees, and the size of _______. - Answers - potential customers'
purchases
Which of the following is an arrangement unique to business in which two businesses
agree to buy from each other? - Answers - Reciprocity
Which of the following are primary concerns when it comes to business customers
making purchasing decisions? (Select three) - Answers - Supplier relationships
Product quality
Price
Buyers of industrial equipment would most likely use ______________
as their purchase method. - Answers - inspection
In a _______, the business buyer reorders the same goods or services without looking
for new information or investigating other suppliers. - Answers - straight rebuy purchase
Inelastic demand means _______. - Answers - an increase or decrease in the price of a
product will not significantly affect demand for the product
