Business-to-Business (B2B) Marketing Quiz 1
What is a defining characteristic of the B2B market compared to consumer markets?
A) The B2B market is composed of more but smaller customers
B) The B2B market is composed of fewer but larger customers
C) The B2B market does not acquire goods and services for production
D) The B2B market is primarily focused on selling directly to consumers
A) The B2B market is composed of more but smaller customers
B) The B2B market is composed of fewer but larger customers
C) The B2B market does not acquire goods and services for production
D) The B2B market is primarily focused on selling directly to consumers
A defining characteristic of the B2B market compared to consumer markets is that the B2B market is composed of fewer but larger customers.
ABC Motors is a well-known car manufacturer. To support its manufacturing operations, ABC Motors purchases a high-precision drilling machine. Additionally, ABC Motors procures batteries from a supplier, which are then integrated into their vehicles. Which of the following statements correctly identifies the roles of ABC Motors?
ABC Motors is both a user and an OEM, depending on the context of the equipment or component being used.
– ABC Motors is a user of the high-precision drilling machine.
– ABC Motors is an OEM (Original Equipment Manufacturer) when it procures batteries and integrates them into their vehicles.
– ABC Motors is a user of the high-precision drilling machine.
– ABC Motors is an OEM (Original Equipment Manufacturer) when it procures batteries and integrates them into their vehicles.
Which market involves organizations that purchase goods and services to use in the production of other products?
A) Business market
B) Government market
C) Consumer market
D) International market
A) Business market
B) Government market
C) Consumer market
D) International market
The market that involves organizations that purchase goods and services to use in the production of other products is the business market.
Which of the following correctly matches the type of business market goods with its components?
A) Entering goods – Installation and accessory equipment
B) Facilitating goods – Raw material and manufactured parts
C) Foundation goods – Supplies and business services
D) Entering goods – Raw material and manufactured parts
A) Entering goods – Installation and accessory equipment
B) Facilitating goods – Raw material and manufactured parts
C) Foundation goods – Supplies and business services
D) Entering goods – Raw material and manufactured parts
The correct match is:
Entering goods – Raw material and manufactured parts.
Entering goods – Raw material and manufactured parts.
A tech company notices that an increase in the price of its competitor’s tablet has led to an increase in the demand for its own tablet. Which economic concept best explains this scenario?
A) Monopolistic competition
B) Derived demand
C) Cross elasticity of demand
D) Transaction cost economics
A) Monopolistic competition
B) Derived demand
C) Cross elasticity of demand
D) Transaction cost economics
The economic concept that best explains this scenario is cross elasticity of demand.
This concept describes how the demand for one good changes in response to a price change in another good, particularly substitute goods. In this case, the increase in the price of the competitor’s tablet leads to an increase in the demand for the tech company’s tablet.
This concept describes how the demand for one good changes in response to a price change in another good, particularly substitute goods. In this case, the increase in the price of the competitor’s tablet leads to an increase in the demand for the tech company’s tablet.
In B2C marketing, advertisements often appeal to consumers’ emotions and aspirations, whereas in B2B marketing, the emphasis is more on:
A) Mass media coverage.
B) Building personal relationships.
C) Rational decision-making and problem-solving.
D) Fanciful, creative storytelling
A) Mass media coverage.
B) Building personal relationships.
C) Rational decision-making and problem-solving.
D) Fanciful, creative storytelling
In B2B marketing, the emphasis is more on rational decision-making and problem-solving.
Which type of goods in business markets typically include software systems, IT infrastructure, and consulting services that support organizational efficiency?
A) Entering goods.
B) Foundation goods.
C) Facilitating goods.
D) Specialized goods
A) Entering goods.
B) Foundation goods.
C) Facilitating goods.
D) Specialized goods
The type of goods in business markets that typically include software systems, IT infrastructure, and consulting services that support organizational efficiency are facilitating goods.
Which term refers to the degree to which an asset can be used for multiple purposes?
A) Asset Flexibility
B) Asset Versatility
C) Asset Specifity
D) Specialized goods
A) Asset Flexibility
B) Asset Versatility
C) Asset Specifity
D) Specialized goods
The term that refers to the degree to which an asset can be used for multiple purposes is Asset Specifity.
In a business, focusing on ____ involves investing heavily in developing and marketing technology, while focusing on _____ involves ensuring the product or service genuinely meets customer needs and delivers on its promises.
trappings; substance
ABC Manufacturing produces specialized components for the automotive industry. Recently, the automotive market has seen a surge in electric vehicle (EV) production, leading to an increased demand for the specific components that ABC Manufacturing supplies. As a result, ABC Manufacturing has experienced a significant rise in orders from its clients, which are primarily automotive manufacturers. What concept best explains the increased demand for ABC Manufacturing’s components as a result of the surge in electric vehicle production?
The concept that best explains the increased demand for ABC Manufacturing’s components as a result of the surge in electric vehicle production is derived demand.
A pharmaceutical company is deciding whether to outsource its Bookkeeping and Payroll Processing. The processes does not contribute to the company’s long-term goals and objectives, and competitiveness. According to the PricewaterhouseCoopers’ Model, what should be the company’s approach?
According to the PricewaterhouseCoopers’ Model, if the processes do not contribute to the company’s long-term goals and objectives, and competitiveness, the company’s approach should be Outsource.
In value chain analysis, activities directly involved in creating and delivering a product are known as __________, while activities that assist these functions and provide the necessary support are called __________.
Primary Activities, Support Activities
ABC Manufacturing is deciding on new machinery. The purchasing manager sees the supplier as cost-effective, while the engineering manager worries about technical issues. Both interpret the same data differently due to their roles. What concept explains this as per Sheth’s model of industrial buying?
The concept that explains this situation as per Sheth’s model of industrial buying is Perceptual Distortion. This occurs when different individuals interpret the same data differently based on their roles and perspectives.
At ABC Manufacturing, the marketing team prefers Supplier A due to their strong brand reputation, while the finance team favors Supplier B for cost savings. Both teams agree on the overall goals but have different criteria for evaluation. What conflict resolution strategy would you suggest as per Sheth’s model of industrial buying?
As per Sheth’s model of industrial buying, the most suitable conflict resolution strategy in this situation would be Persuasion. This approach involves addressing the underlying issues and finding a solution that aligns with the overall goals and criteria of both teams.
In a buying center, who is responsible for controlling the flow of information to other members of the buying group?
In a buying center, the Gatekeeper is responsible for controlling the flow of information to other members of the buying group.
Which of the following is a difference between the Sheth Model of Industrial Buying Behaviour and the Webster and Wind Model of Organizational Buying Behaviour?
The difference between the Sheth Model of Industrial Buying Behaviour and the Webster and Wind Model of Organizational Buying Behaviour is:
The Webster and Wind Model considers environmental variables, while the Sheth Model does not.
The Webster and Wind Model considers environmental variables, while the Sheth Model does not.
In which of the following scenarios is the buying decision most likely to be made jointly rather than autonomously?
A) When the purchase involves a high level of perceived risk and uncertainty.
B) When the company size is small.
A) When the purchase involves a high level of perceived risk and uncertainty.
B) When the company size is small.
The buying decision is most likely to be made jointly rather than autonomously when the purchase involves a high level of perceived risk and uncertainty.
To be considered a core competence, a skill must meet which of the following tests?
A) Customer Value, Competitor Differentiation, Time Management
B) Customer Value, Competitor Differentiation, Extendibility
C) Competitor Differentiation, Time Management, Extendibility
D) Customer Value, Risk Management, Extendibility
A) Customer Value, Competitor Differentiation, Time Management
B) Customer Value, Competitor Differentiation, Extendibility
C) Competitor Differentiation, Time Management, Extendibility
D) Customer Value, Risk Management, Extendibility
To be considered a core competence, a skill must meet the following tests:
Customer Value, Competitor Differentiation, Extendibility.
Customer Value, Competitor Differentiation, Extendibility.
What type of variables are ‘Needs and Desires’ and ‘Perceptions and Learning’ in the Webster and Wind model?
A) Environmental Variables
B) Organizational Variables
C) Buying Centre Variables
D) Individual Variables
A) Environmental Variables
B) Organizational Variables
C) Buying Centre Variables
D) Individual Variables
In the Webster and Wind model, ‘Needs and Desires’ and ‘Perceptions and Learning’ are considered Individual Variables.
XYZ Corporation is in the process of upgrading its office infrastructure and needs to buy new office equipment. They have just finalized the product specifications for new office equipment. What should be their next step according to the organizational buying process?
After finalizing the product specifications for new office equipment, XYZ Corporation’s next step according to the organizational buying process should be Supplier Search.
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