Question Question 1. Which of the following statements regarding the nature of the business market is true? Distribution channels for business products are significantly longer than those for consumer products. Customer relationships for business products tend to be short-term and transactions-based. Personal selling plays a larger role in business products markets than in consumer markets. Customer service plays a smaller role in the distribution of business products as compared to the consumer market. 2. Which of the following is the largest segment of the business market? Trade industries which include retailers wholesalers and resellers. The commercial market which includes anyone who acquires products to support production of other goods and services. Government organizations including the military state and federal governments. Institutions such as schools hospitals and churches. 3. Which of the following statements does not describe the advantage of leasing? Requires a high level of capital commitment Provides the ability to easily upgrade equipment as needs change Provides flexibility for a growing business Spreads out costs compared with lump-sum costs for up-front purchases 4. Businesses choose outsourcing as an alternative to making goods in-house or providing in-house services when: in-house processes often do not incur costs for overheads that an outside vendor would otherwise charge. proprietary technology has the potential to raise security concerns. conflicts arise between nonunion outside workers and in-house union employees. they need to reduce costs to remain competitive. 5. Which of the following statements is true regarding the influence of organizational factors on purchasing decisions? A company with a centralized procurement function operates very similarly to one that delegates purchasing decisions to divisional or geographic units. Centralized buying tends to emphasize short-term results. Decentralized buying focuses more on long-term relationships with suppliers. Personal selling skills and user preferences carry more weight in decentralized purchasing situations. 6. Related party trade is defined as the trade relationship between: countries with free trade agreements. countries with the same language. companies in the same industries. a corporation and its overseas subsidiaries. 7. A nation’s size per-capita income and stage of economic development determine its prospects as a host for _____. regional economic integration international business expansion free trade association public private partnership 8. The Export Trading Company Act of 1982 exempts companies from _____ so they can form export groups that offer a variety of products to foreign buyers. few international laws business monitoring specific quotas and tariffs antitrust regulations 9. A complete ban on the import of a product is known as a(n) _____. import quota embargo revenue tariff protective tariff 10. The ideal way for a nation to stop a foreign company from dumping is to: pay the exporter with soft currency. impose protective tariffs. cite international law. appeal to the IMF. 11. In recent years advances in computer technology have significantly changed the nature of marketing research by: narrowing the focus of the data collection process. allowing marketers to evaluate alternatives through the use of computer simulations. eliminating the need for outside research firms. providing an in-house market research group with primary data. 12. Wal-Mart prefers transaction records sorted by customer type product sales method type of order and order size. Analyzing internal data sorted in this manner is called: sales analysis. financial iteration. transactional hypothesis. marketing cognizance. 13. Information collected for the first time specifically for a marketing research study is called _____ data. Secondary Primary Tertiary Screening 14. Which of the following is a limitation of secondary data not found in primary data? Secondary data is more expensive to collect and analyze than primary data. Secondary data requires that market researchers spend more time to locate and analyze. Published information can quickly become obsolete. Published data often involves non-standardized analytic patterns. 15. Which of the following federal agencies is the most important source of secondary data for marketing research studies? Federal Reserve Treasury Department Census Bureau Bureau of Labor Statistics 16. The division of the total market into smaller _____ groups is called market segmentation. equivocal randomly selected relatively homogeneous conveniently stratified 17. Which of the following is a basic requirement for effective market segmentation? The firm must avoid focusing on non-variables such as profitability and volume. The market segment must have measurable purchasing power and size. The company must expand beyond its marketing capabilities to capture growing markets. The market segment must reflect the population’s changing attitudes and lifestyles. 18. Japanese automaker Subaru generates approximately one-half of its sales in just four states (Alaska Colorado Maine and Washington). These states constitute Subaru’s: primary market. core region. secondary market. sales region. 19. The most common method of market segmentation is: product sampling. demographic segmentation. economic segmentation. psychographic segmentation. 20. In terms of numbers which age group is the largest? Baby Boomers Generation X 9/11 Generation World War II Generation 21. The government segment of the B2B market commonly buys products: for resale to the public. to provide public benefits. to export them to other countries. to improve its gross domestic product. 22. A strategy for going global through contractual agreements in which the production of goods or services is assigned to local companies is termed as _____. franchising licensing offset strategy subcontracting 23. One of the very first marketing research studies involved of an examination of people’s: phone bills. literacy levels. newspaper reading habits. garbage. 24. A positioning map: is used primarily by companies utilizing undifferentiated marketing strategies. will remain constant through the entire product life cycle. Shows how consumers view a product relative to competitive products outlines how to introduce a new product to the marketplace. 25. One of the characteristics of relationship marketing is: the short-term goal of creating an immediate sale. consolidating purchases based on promotions and other inducements. an orientation toward added value through superior customer service. longer distribution channels between suppliers and buyers.
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