Business Marketing Exam

Question 1

The latest business marketplace competition between FedEx and UPS, described in the Introduction section of chapter one in your textbook is ______?

		a) FedEx and UPS are both opening up new transportation routes to South America.
		b) UPS has surged way ahead of FedEx in the small package delivery market.
		c) FedEx has surged way ahead of UPS in the large package delivery market.
		d) Both companies are struggling to come up with new opportunities in their market.
		e) FedEx and UPS have expanded their marketplace offerings by acquiring complementary companies.
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Question 5

 

Value _________________________.

		a) is seldom used by customers because it is so complicated to evaluate.
		b) is the central element in the idea of a Value Chain, first put forth by Rand Paul in 2015, while appearing on the Daily Show, with Jon Stewart.
		c) is the sum of all the benefits that a customer receives minus the costs involved.
		d) is created by the manufacturer alone.
		e) is calculated, in part, by the concept of evaluated price, which is the sum of all the total benefits evaluated by the buyer when owning and using a product.
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Question 8

 

Consumer Market Structure is ______________.

		a) geographically dispersed
		b) oligopolistic competition
		c) relatively few buyers
		d) geographically concentrated
		e) professionally trained purchasing personnel.

 

In the opening story for chapter Two the two big segments that TRW markets to are: _______________________________ and ________________________.

		a) Aerospace Manufacturers and Aftermarket Equipment Manufacturers
		b) Trans Regional Wholesalers (TRW)
		c) Original Equipment Manufacturers (OEM) and Aftermarket Equipment Manufacturers
		d) End users and Value Added Resellers (VAR)
		e) Original Equipment Manufacturers (OEM) and Governmental Units
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Question 2

0 / 2 points

 

Which one of the following types of Organizational Customers are classified as Commercial Enterprises by the textbook’s authors?

		a) The American Red Cross
		b) Banks and other Lending Institutions
		c) The Independent Press
		d) Hospitals
		e) Component Parts and Manufactured Materials Producers
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Question 3

0 / 2 points

 

Markets evolve as competitors, channels, customers, and technologies change.  According to the textbook and the discussion, into what form of competition are markets most likely to eventually emerge?

		a) Hypergrowth
		b) Oligopoly
		c) Monopolistic Competition
		d) Monopsony
		e) Competitive Maturity
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Question 5

0 / 2 points

 

Based on the Endries Fastener Company video, the goal of the President of Endries Supply Company was to  __________________________.

		a) not get involved in Endries’ customers’ buying decisions until the Deliver Solution Stage
		b) save their customers at least 4% of the cost of their fasteners.
		c) be the number one fastener provider for the women’s fashion industry.
		d) be the sole supplier of all the fastener needs of Endries’ customers by getting involved all the way through their manufacturing processes.
		e) be the number two fastener provider for the U. S. Department of Defense.
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Question 7

0 / 2 points

 

The four stages of the Process Flow Model of the Organizational Buyers Decision Process are _________________?

		a) Definition, Selection, Deliver Solution, Endgame
		b) Too complicated to cover in this limited space.
		c) Need Recognition, Information Search, Evaluation of Alternatives, Purchase Decision
		d) Definition, Need Recognition, Valuation of Alternatives, Deliver Solution
		e) Need Recognition, Evaluation of Alternatives, Deliver Solution, Purchase Decision
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Question 9

0 / 2 points

 

Which of the following would be included in the  Selection Stage  of the Process Model of the Buying Decision Process?

		a) The intricacy of the solution and the number of organizational units to be involved (size of the buying center) are selected.
		b) This stage is not the end of the process, but the beginning of the next opportunity for the supplier to serve the customer
		c) Development activities customize the solution to the specific technical needs (in addition to other needs) of the customer and striving to produce the Total Offering.
		d) Proposal solicitations are sent out in the form of RFP’s or RFQ’s, which are then evaluated by members of the Buying Center.
		e) Successful suppliers are involved, often in the development of the Product Specification.
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Question 10

0 / 2 points

 

Which of the following  is not  one of the human factors involved in business decisions?  Four answers are correct and one is incorrect.  You are looking for the incorrect answer.

		a) Suppliers that recognize the cultural, interpersonal, value and relationship needs are more likely to be “in” suppliers
		b) Purchase decisions are backed by easily quantifiable facts, rather than being justified for political reasons.
		c) Facts are arranged to justify the decision buying center members want to make
		d) A review of the process is often done for safety reasons
		e) People seek reinforcement for their beliefs

 

 

Question 1

0 / 2 points

 

Even though the United States has a free market economy, there are restrictions are placed on businesses.  Which of the following reasons are given for these restrictions?

		a) protect companies from consumers
		b) protect the interests of the wealthiest Americans.
		c) assure equal access to the market and protect consumers in the market
		d) protect consumers from each other
		e) to stifle businesses and make it difficult for them to operate
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Question 4

0 / 2 points

 

Enforcement of business laws is ______________________?

		a) coordinated with the European Union laws.
		b) the responsibility of the executive branch of the federal government.
		c) more rigorous when the Republicans control both houses of congress.
		d) the responsibility of the legislative branch of government because legislators make laws.
		e) based on the Celler-Kefauver Act.
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Question 7

0 / 2 points

 

In the Chapter 16 story “TWA Flight 800 Revisited” ____________________________.

		a) the company was sued for keeping passengers in the airplane for 13 hours due to weather conditions.
		b) the plane crashed due to the center wing tank (CWT) overheating.
		c) the cause of the crash was never identified because they could not retrieve the airplane from the ocean floor.
		d) the flight crashed and the cause was definitely pilot error.
		e) was used to try TWA’s new 800 calling system that passengers could use while they were in the air.
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Question 8

0 / 2 points

 

In the video, “The Trouble with Chicken” ____________________.

		a) new more rigorous regulations guaranteeing greater food protection for consumers were rushed through congress in record time.
		b) government regulators closed down all of Foster Farms operations when complaints against the company started being registered by consumers.
		c) a major social media campaign was started to protest the high number of calories in each chicken.
		d) was a good example of the new use of Internet crowd-sourcing to solve a challenging crisis problem.
		e) several people died from Samonella Heidelburg food poisoning.
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Question 9

0 / 2 points

 

A good example of Natural Law is ______________?

		a) when executives just naturally look out for themselves and take company funds for their personal use.
		b) a belief that taking anyone’s life is wrong, even for the government when terrible murders are committed, like those of the recent escapees from a New York prison.
		c) behaving naturally and not getting too excited when a crisis occurs in your company.
		d) the belief that some people are just naturally bad and the more of these bad people that we lock up the better.
		e) protecting the natural environment by restricting access to wilderness areas
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Question 10

0 / 2 points

 

Which of the following actions  would not help  a company minimize the likelihood and impact of crises?  Four of the following answers are right.  One answer is wrong.  You want the wrong answer.

		a) provide reward structures that encourage ethical behavior by your employees.
		b) limit access to the media in a crisis and keep as much information as possible from getting out to minimize the impact of the crisis.
		c) provide value for your customers and behave ethically in the company’s relationships with partners and the community in general.
		d) monitor threats and anticipate crises.
		e) allocate resources to set up a crisis management team.

 

 

Which of the following would be a substitute competitor for a full-service restaurant if the benefit customers seek is “entertainment”?

		a) Fast-food restaurant
		b) Concert at the zoo amphitheater
		c) Food truck vendor
		d) Bar that serves hot food
		e) Airport restaurant
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Question 8

0 / 2 points

 

A good source of competitive information is the trade press.  What is the trade press?

		a) A publication that has articles written about a wide range of industries
		b) The latest free publication listing the location of swap meets in the area
		c) A place that has booths and displays for any company of note within an industry
		d) A publication that has articles written about a particular industry
		e) A listing of products available for trade
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Question 9

0 / 2 points

 

Practical advice for performing market research in Business to Business market identified several issues that arise and how to overcome them.  Which One of the following issues and how to overcome it is correct?

		a) Minimize the impact of time compression – use respondent pools or “panels”
		b) Managing uncertainty – develop structured models that can be used in the most common situations
		c) Using surveys in B to B markets – surveys are usually not appropriate in B to B market research
		d) Interactions of the Buying Center – focus on the future as looking backward is seldom useful
		e) Lack of technical knowledge of online data collection and analytics software – Using professional political pollsters such as the Gallop Poll are a good way to gather and analyze information
Question 10		0 / 2 points

According the videos presented in Topic 6, which of the following information sets is most correct?

		a) Future B to B buyers will sacrifice sustainability in an attempt to lower cost concerns.
		b) Direct postal mail is unlikely to survive as a viable B to B marketing tool by 2020.
		c) B to B buyers want more information, so include as much information as possible for them even though it makes the business marketing videos longer.
		d) Due to energy conservation considerations reducing the size of windows, future airline passengers will have less knowledge of what is going on outside the plane.
		e) B to B buyers consult many different types of information before making decisions.