Business Buying and Marketing Strategy Quiz 3

A new task in business buying is when:

• A company stops purchasing a product

• A company purchases a product for the first time

• A company changes suppliers

• A company stops using e-procurement

What is the first stage of the business buying process?

• Supplier selection

• Problem recognition

• Order-routine specification

• Value analysis

The buying center refers to:

• A company's headquarters

• The purchasing department of a company

• All individuals and units involved in the business purchase decision process

• The final decision-makers in a company

Which of the following is an economic factor influencing business buying behavior?

• Corporate culture

• Price and service

• Personal preferences

• Government policies

Personal factors affecting business buying decisions include:

• Company size

• Economic outlook

• Buyer’s emotions and preferences

• Technological changes

A major environmental factor influencing business buying is:

• The influence of company employees

• The decision-making style of executives

• Demand for the product in the market

• Personal relationships with suppliers

What is a major advantage of e-procurement?

• It increases paperwork

• It reduces costs and speeds up purchasing

• It limits access to new suppliers

• It prevents supplier competition

Institutional markets include:

• Only private businesses

• Schools, hospitals, and prisons

• Only nonprofit organizations

• Only multinational corporations

Government markets differ from institutional markets because:

• They do not require bidding for contracts

• They usually require suppliers to submit bids

• They buy only from large companies

• They focus only on technology products

Government markets often:

• Favor domestic suppliers

• Avoid public policy issues

• Purchase only from private companies

• Avoid using e-procurement