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Marketing
Q:
A____________________pricing approach is most appropriate for a distinctly new product, and provides an opportunity to profitably reach market segments that are not sensitive to the high initial price.
Q:
Product lifestyle services refer to services that facilitate the customer's access to a manufacturers product and ensure is functioning throughout the product's useful life..
Q:
In _____, firms pursue separate strategies in each of their foreign markets-competition in each country is essentially independent of competition in other countries.
a. a multidomestic industry
b. a differentiated industry
c. a global industry
d. an export-based industry
e. a coordinated industry
Q:
On-going transactions in the business market where the customer and the supplier focus only on the timely exchange of standard products at competitive prices could be described as:
a. transactional exchange.
b. a partnership.
c. collaborative exchange.
d. a strategic alliance.
e. a joint venture.
Q:
Costs that support a number of activities that cannot be objectively assigned to a product on the basis of a direct physical relationship are classified as____________________costs.
Q:
In the marketing of business services, items such as logos, uniforms, guarantees, and color schemes are examples of physical evidence of the actual service.
Q:
_____ is one in which a firm's competitive position in one country is significantly influenced by its position in other countries.
a. A multidomestic industry
b. A differentiated industry
c. A global industry
d. An export-based industry
e. A coordinated industry
Q:
Transactional exchange features very close:
a. information linkages.
b. social linkages.
c. operational linkages.
d. all of the above.
e. none of the above.
Q:
A penetration pricing policy is optimal if there is a relatively low repurchase rate for durable goods.
Q:
The service offer refers to the detailed service elements that will make up the total services package.
Q:
When a firm seeks competitive advantage with strategic choices that are highly integrated across countries (for example, a standardized core product that requires minimal local adaptation across country-markets), this describes:
a. a multidomestic strategy.
b. a differentiated strategy.
c. a global strategy.
d. an export-based strategy.
e. a coordinated strategy.
Q:
What are the two components that determine perceived risk in purchase decisions? Please describe some of the characteristics of the buying center and decision-making process when perceived risk is high. What actions should a salesperson take when selling to an organization when perceived risk is high?
Q:
The goals of a cost classification system are to properly classify cost data in to fixed and variable components and to properly link costs to the activities causing them.
Q:
Hybrid service offerings can be classified on the basis of whether the provider promises to perform a deed or to achieve a certain performance outcome.
Q:
Multinational firms have traditionally managed operations outside their home country with an approach that permits individual subsidiaries to compete independently in different country-markets. Here each subsidiary resembles a strategic business unit that is expected to contribute earnings and growth to the organization. This describes:
a. a multidomestic strategy.
b. a differentiated strategy.
c. a global strategy.
d. an export-based strategy.
e. a coordinated strategy.
Q:
There are four categories of forces that influence organizational buying behavior. Please identify and briefly describe the four categories of forces. Assume that you are a salesperson in any industry you choose, provide one specific example in each category of how these forces affect organizational buying behavior in the industry you have chosen.
Q:
Recent research indicates that highly satisfied customers are just as sensitive to price changes as customers with low to moderate levels of satisfaction.
Q:
Research suggests that among the service quality dimensions, responsiveness is most important to customers.
Q:
Consider this position: If you run a pharmaceutical company with a good product to distribute in Japan but have no sales force to do it, find someone in Japan who also has a good product but no sales force in your country. Why not join forces to maximize contribution to each other's fixed costs? This describes the logic of:
a. a joint venture.
b. exporting.
c. franchising.
d. importing.
e. global marketing.
Q:
Members of the buying center assume different roles throughout the procurement or organizational buying process. Discuss the nature of the five roles that a buying center member may assume. Provide an example of each role in the organizational buying context.
Q:
Differentiation value is the value associated with product features that are unique and different from competitors
Q:
Perishability of services may necessitate equating capacity with peak demand.
Q:
In pursuing international entry options, joint ventures often constitute a feasible option because:
a. they provide the only path of entry into many foreign markets.
b. they may provide for better relationships with local organizations (for example, local authorities) and with customers.
c. they may open up market opportunities that neither party to the venture could pursue alone.
d. all of the above
e. (a) and (b) only
Q:
Texas Instruments has a major manufacturing plant that falls within your new sales territory. On your initial visit to this plant, you learn from a receptionist that the purchasing department is in the very preliminary stages of making a major purchase of the type of production equipment that you sell. First, how would you predict the likely composition of the buying center for this particular purchase? Second, what questions could you ask to determine the relative influence that different organizational members might exert on the buying decision?
Q:
Because making competitive bids is costly and time-consuming, firms should choose potential bid opportunities with care.
Q:
The more labor-intensive the service, the less uniform will be the output.
Q:
This mode of international market participation permits a client to require a complete operational system, together with skills sufficient to allow the unassisted maintenance and operation of the system. Once the package agreement is on line, the system is owned, controlled, and operated by the client. This provides an apt description of:
a. licensing.
b. a turnkey operation.
c. a joint venture.
d. contract manufacturing.
e. importing.
Q:
Boeing, AT&T, and 3M are among the corporations that have adopted centralized procurement. Other large corporations may find that a decentralized procurement structure constitutes a better fit for their operations. First, which factors are conducive to the development of a centralized procurement function? Second, what adjustments must be made in business marketing strategy to reach the centralized purchasing unit?
Q:
According to the Robinson-Patman Act, price differentials are permitted, but they must be based on cost differences or the need to meet competition.
Q:
Planning capacity on the basis of peak demand is necessitated by service variability.
Q:
_____ involves sourcing a product from a producer located in a foreign country for sale there or in other countries.
a. Contract manufacturing
b. Exporting
c. Franchising
d. A joint venture
e. A turnkey operation
Q:
To remain competitive, Johnston Equipment has decided to adopt more sophisticated manufacturing technology. The eight members of the firm who have been actively involved in defining specifications and in evaluating suppliers are evenly split over "which way to go." Four members are strong advocates for Supplier A; four are committed to Supplier B. Describe the factors that motivate individual decision makers during the organizational buying process and explain why product perceptions and evaluation criteria often differ among organizational decision makers.
Q:
Raw materials are an example of indirect traceable costs.
Q:
An emphasis on strict quality control standards is necessitated by service variability.
Q:
As a mode of international market entry, licensing agreements pose the following limitation(s):
a. a firm has less control over a license than over its own exporting or manufacturing abroad.
b. licensing agreements include a time limit and additional extensions (beyond the first) that may not be readily permitted by a number of foreign governments.
c. the licensee may become an important competitor in the future.
d. all of the above
e. (b) and (c) only
Q:
Using an illustration of your choice, describe the factors that might move a purchasing manager to shift from a straight rebuy to a modified rebuy. Next, describe the steps that should be taken by both the "in" supplier and "out" supplier as a modified rebuy situation develops.
Q:
Low switching costs allow a buyer to focus on minimizing the cost of a particular transaction.
Q:
Simultaneous production and consumption requires that the service be done "right."
Q:
Included among the contractual modes of international market participation are:
a. licensing.
b. management contracts.
c. exporting.
d. all of the above
e. both (a) and (b)
Q:
Mary Bronson recently completed the sales training program at Dow Chemical and has spent the past few months in San Diego, her assigned territory. Today she plans to call on two accounts and then complete a sales forecast for next quarter.
The first account is a small, high-tech firm that potentially could use a Dow product directly in a production process. This production process is new and the purchasing manager indicated that several substitute products will likely receive consideration. What strategy should Mary follow in dealing with this customer?
The second account has been buying their chemical products from Allied for the past three years. Of course, Mary would like them to change to Dow but the purchasing manager at this firm seems preoccupied with other matters. What strategy should Mary follow here? She wonders if it's even worth stopping by because she could spend the time talking to an existing customer.
Q:
Total revenue will decrease if the price is decreased and demand is price elastic.
Q:
A pure service, by definition, accompanies the sale of a physical product.
Q:
Exporting is a viable international entry strategy when the firm:
a. wishes to maintain direct control of the marketing program.
b. lacks the resources to make a significant commitment to the market.
c. wants to form long-term relationships with international customers.
d. all of the above
e. none of the above
Q:
Key influencers are frequently located outside of the____________________department.
Q:
Price elasticity of demand is not the same at all prices.
Q:
In following a "solutions" strategy" for B2B services, solution effectiveness can be enhanced by the supplier by
a. Laying out a blueprint to guide employees on creating a solution
b. Documenting the history of prior customer solution engagements
c. Developing complimentary incentives for all of the staff that may be involved
d. Only a and c
e. All of the above
Q:
An industrial firm's first encounter with an overseas market usually involves _____ because it involves the least commitment and risk.
a. contracting
b. licensing
c. exporting
d. franchising
e. a turnkey operation
Q:
Collectively, uncertainty about the outcome of a decision and the magnitude of consequences from making the wrong choice comprise ____________________.
Q:
Developing a bidding strategy is the important first step in planning for competitive bidding.
Q:
Hybrid service offerings
a. May be a combination of services and products.
b. Have inelastic demand.
c. come from a well-managed new-service-development process.
d. All of the above.
e. Only a and c.
Q:
The balanced scorecard provides managers with a performance measurement system that can be linked to a company's business marketing strategies. Identify and briefly describe the four perspectives of performance in the balanced scorecard. Next, explain how each perspective can help business marketers with their business strategies.
Q:
____________________forces involve job function, past experience, and buying motives of individual decision participants
Q:
The importance of the business marketer's product as an input into the total cost of the end product influences demand elasticity. If the business marketer's product has an insignificant effect on cost, demand is likely to be inelastic.
Q:
The service offer is linked with the service concept and also:
a. spells out in more detail the service offering.
b. when and to whom they will be provided.
c. how they will be presented.
d. All of the above.
Q:
The marketing strategy center includes the members of an organization involved in the business marketing decision-making process. Using any product and market setting you choose, please illustrate how responsibility charting can be used to classify decision-making roles and highlight the multifunctional nature of business marketing. Be sure to include a discussion of all five roles that participants can play in the decision-making process.
Q:
Alternative proposals are evaluated by a purchasing manager and a number of members of the production department in which stage of the Organizational Buying Process?
Q:
Buyers tend to be price sensitive when they can switch from one supplier to another without incurring additional costs.
Q:
The _____ is the product dimension of service, including decisions about the essential concept of the service, the range of services provided, and the quality and level of the service.
a. service strategy
b. service package
c. service recovery
d. service bundling
e. service loyalty
Q:
A central challenge for the business marketer during the strategy formulation process is to minimize interdepartmental conflict while fostering shared appreciations of the interdependencies with other functional units. Explain.
Q:
The first stage of the Organizational Buying Process involves:
Q:
The value customers assign to a firm's offering can vary by market segment because of how the product will be used.
Q:
_____ encompasses the procedures, policies, and processes a firm uses to resolve customer service problems promptly and efficiently.
a. A value network
b. Service recovery
c. Service quality
d. Service loyalty
e. Service offering
Q:
Jim Craig, a marketing manager at a communications equipment firm, was enthusiastic about the prospects for the new, upgraded model of the Apex tester. The previous two models were quite profitable and a marketing research study clearly identified the improvements that should be embodied in the new model. Key market segments wanted a lighter more compact system and one that could handle a wider range of equipment test functions. Given the strength of the firm's R&D and manufacturing capabilities and the "can do" attitude that prevailed in the organization, Jim was confident that the model could be designed to incorporate the new upgrades and meet the planned target to release the new model in fifteen months. To his surprise, however, R&D and manufacturing vigorously resisted his proposed modification. In the end, the Apex tester was released on schedule, embodied the attributes isolated by marketing research, and was a glowing market success. Why do managers who represent different functional areas often see things differently and clash over the appropriate strategic course? What steps can marketing managers like Jim take to minimize cross-functional conflict while serving as a strong advocate for the consumer?
Q:
Because globalization is upsetting traditional patterns of competition, the rise of material costs, and customer resistance to price increases, the influence of the procurement function is increasing in most organizations.
Q:
To sustain profitability, price reductions should be avoided by strategists in hypercompetitive environments.
Q:
Which of the following are components of a firm's service offering and customer-linking processes that affect customer satisfaction?
a. Technical assistance and training.
b. Recovery process for fixing service problems.
c. Basic elements of the service offering expected by customers.
d. All of the above.
e. Only a and b.
Q:
Some business models demonstrate more profit potential than others: Southwest Airlines is more profitable than America West Airlines; Dell is more profitable than Gateway; and Intel readily outperforms its rivals. Describe the factors that determine the profit potential of a business concept or model.
Q:
The four groups of forces that have an impact on organizational buying behavior are environmental, organizational, strategic, and individual.
Q:
Closed bidding is particularly appropriate when specific requirements are hard to rigidly define or when the products and services of competing suppliers vary substantially.
Q:
Non-ownership is a unique service characteristic. From the following list, choose the marketing implication most closely related to this characteristic.
a. Need to use promotion and pricing to even out demand patterns.
b. Need to emphasize the benefits of reduced labor and overhead.
c. Use strict quality control standards.
d. High-level training for service personnel.
Q:
For a strategy to succeed, individuals in a company must understand and share a common definition of a firm's existing business concept. For example, ask any employee at Dell and they will tell you about the "Dell model" that sets them apart from competitors. A critical component of a business model is the core strategy. Describe the key elements that are involved in setting a core strategy.
Q:
A business marketer confronting a new-task buying situation can gain a differential advantage by participating actively in the initial stages of the procurement process.
Q:
Success in penetrating a buying organization with one item often means success for other items in the product line.
Q:
Perishability is a unique service characteristic. From the following list, choose the marketing implication most closely related to this characteristic.
a. Need to use promotion and pricing to even out demand patterns.
b. Use physical cues in promotions to help customers evaluate service quality.
c. Emphasize strict quality control standards.
d. High-level training for service personnel.
Q:
Growth, sustain and ____________________ are three stages of a business that are isolated and linked to appropriate financial objectives.
Q:
The buying center becomes larger and comprises members with higher levels of organizational status and authority as perceived risk increases.
Q:
If the business marketer's product input plays an insignificant role in the final product's total cost, demand is likely elastic.
Q:
Differences between goods and services include:
a. intangibility.
b. variability.
c. profitability.
d. All of the above.
e. Only a and b.
Q:
The ____________________clarifies the condistions that will create value for the customer.
Q:
The greatest level of uncertainty confronts firms in judgmental new task situations because of the technical complexity of the product and the difficulty of evaluating the alternatives.