MKTG 409 Chapter 8 MindTap Study Guide – Pricing Strategies, Costs & Break-Even Analysis
Review
Gorton's Seafood buys large amounts of fish to use in its frozen dinners and dinner components.
Gorton's Seafood belongs in which of the following business markets? - ANS ✔✔Producer
market
Which of the following markets includes wholesalers or retailers? - ANS ✔✔Reseller markets
Which of the following markets may have complex buying procedures due in part to their public
accountability? - ANS ✔✔Government Markets
The North American Industry Classification System (NAICS) is a(n)_____________. - ANS
✔✔single industry classification system used by the United States, Canada, and Mexico to
generate comparable statistics
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 _______. - ANS ✔✔potential customers purchases
Which of the following is NOT one of the ways that business transactions differ from consumer
transactions? - ANS ✔✔Orders by businesses are frequently small and inexpensive.
Commodities and raw materials are typically purchased using which method of business
buying? - ANS ✔✔Description
ACME Corp. has ordered widgets from Wiley Widgets several times before, but now it would
like Wiley Widgets to offer a lower price per-unit in exchange for a larger order. ACME is using
which of the following types of business purchases? - ANS ✔✔Modifies rebuy purchase
, A price increase or decrease does not significantly alter demand for a product with_________. -
ANS ✔✔inelastic demand
The group of people within an organization who make business buying decisions are best
describes as____________. - ANS ✔✔the buying center
Purchasing agents at ACME Corp. are looking in company files and trade directories, contacting
suppliers for information, soliciting proposals from known vendors, and examining various
online and print publications. They are in which of the following stages of the buying decision
process? - ANS ✔✔Searching for and evaluating potential products and suppliers
Examining quality, design, materials, and possibly item reduction or deletion to acquire the
product in the most cost-effective way is best described as___________. - ANS ✔✔value
analysis
Online marketing efforts make the buying process far more efficient because it________ and
__________. - ANS ✔✔saves time; reduces cost
Online marketplaces where buyers and sellers can exchange information, goods, services, ideas,
and payments are best described as _______. - ANS ✔✔B2B e-commerce sites
When a business buyer invites vendors to bid to supply a specified good or service in
competition with each other, with the lowest bidder winning the right to sell to the buyer, this is
best described as _______. - ANS ✔✔reverse auction
In business markets, individuals or groups purchase products for one of three purposes. These
purposes are - ANS ✔✔resale, direct use in producing other products, and use in general daily
operations.
Business markets are typically divided into four categories. These categories are - ANS
✔✔producer, reseller, government, and institution
Review
Gorton's Seafood buys large amounts of fish to use in its frozen dinners and dinner components.
Gorton's Seafood belongs in which of the following business markets? - ANS ✔✔Producer
market
Which of the following markets includes wholesalers or retailers? - ANS ✔✔Reseller markets
Which of the following markets may have complex buying procedures due in part to their public
accountability? - ANS ✔✔Government Markets
The North American Industry Classification System (NAICS) is a(n)_____________. - ANS
✔✔single industry classification system used by the United States, Canada, and Mexico to
generate comparable statistics
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 _______. - ANS ✔✔potential customers purchases
Which of the following is NOT one of the ways that business transactions differ from consumer
transactions? - ANS ✔✔Orders by businesses are frequently small and inexpensive.
Commodities and raw materials are typically purchased using which method of business
buying? - ANS ✔✔Description
ACME Corp. has ordered widgets from Wiley Widgets several times before, but now it would
like Wiley Widgets to offer a lower price per-unit in exchange for a larger order. ACME is using
which of the following types of business purchases? - ANS ✔✔Modifies rebuy purchase
, A price increase or decrease does not significantly alter demand for a product with_________. -
ANS ✔✔inelastic demand
The group of people within an organization who make business buying decisions are best
describes as____________. - ANS ✔✔the buying center
Purchasing agents at ACME Corp. are looking in company files and trade directories, contacting
suppliers for information, soliciting proposals from known vendors, and examining various
online and print publications. They are in which of the following stages of the buying decision
process? - ANS ✔✔Searching for and evaluating potential products and suppliers
Examining quality, design, materials, and possibly item reduction or deletion to acquire the
product in the most cost-effective way is best described as___________. - ANS ✔✔value
analysis
Online marketing efforts make the buying process far more efficient because it________ and
__________. - ANS ✔✔saves time; reduces cost
Online marketplaces where buyers and sellers can exchange information, goods, services, ideas,
and payments are best described as _______. - ANS ✔✔B2B e-commerce sites
When a business buyer invites vendors to bid to supply a specified good or service in
competition with each other, with the lowest bidder winning the right to sell to the buyer, this is
best described as _______. - ANS ✔✔reverse auction
In business markets, individuals or groups purchase products for one of three purposes. These
purposes are - ANS ✔✔resale, direct use in producing other products, and use in general daily
operations.
Business markets are typically divided into four categories. These categories are - ANS
✔✔producer, reseller, government, and institution
