SAINT LEO MBA565/ SAINT LEO MBA565 MODULE 3 QUIZ

Question

1. Question : The ________ market consists of schools, hospitals, nursing homes, prisons, and other institutions that must provide goods and services to people in their care.

Student Answer: vertical

nonprofit

spot

secondary business

institutional

Question 2. Question : Business buyers are ultimately purchasing solutions to two problems: the organization's economic and strategic problem and ________.

Student Answer: their own personal need for individual achievement and reward

the community's continued health and well-being

the fulfillment of the company's social impact goals

to maximize overall firm performance

none of the above

Question 3. Question : With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.

Student Answer: single-segment concentration

selective specialization

product specialization

market specialization

full market coverage

Question 4. Question : In order to successfully develop customer reference stories, firms should ________.

Student Answer: state the customer's needs in compelling terms

use very few direct customer quotes

avoid referencing the barriers to satisfying customer needs

describe the company's solution in terms of products and services

focus on qualitative results

Question 5. Question : Many business buyers prefer to buy a total solution to a problem from one seller. ________ is the correct term for this process.

Student Answer: Channel consolidation

Systems buying

Vertical buying

Horizontal buying

Supply buying

Question 6. Question : Research has found that buyer-suppler relationships differed according to four factors. Which of the following would NOT be among those factors?

Student Answer: Importance of supply

Complexity of supply

Availability of alternatives

Supply market dynamism

Demand market conservatism

Question 7. Question : In the past, what position did purchasing departments hold in the management hierarchy of most organizations?

Student Answer: A high level because of their role in managing the company's costs

A moderate level because of their spotty record on controlling costs

A low level despite managing more than half of the company's costs

A secretive position

There has been no determination of this position.

Question 8. Question : The ________ consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to others.

Student Answer: business market

consumer market

e-commerce market

global market

supplier market

Question 9. Question : In the proposal solicitation process, ________ should be marketing documents that describe value and benefits in customer terms.

Student Answer: written proposals

oral proposals

e-proposals

alliance proposals

global proposals

Question 10. Question : ________ is a key industrial marketing strategy in bidding to build large-scale industrial products (e.g., dams, pipelines, et cetera).

Student Answer: Systems contracting

Systems buying

Systems selling

Solutions buying

Turnkey logistics