MKT 571- Business to Business Marketing

MKT 571-Business to Business Marketing:1. There are several ways that Business-to-Business marketing is different from ConsumerMarketing. All of the following are differences except: (Points : 2)Business to business promotion has more emphasis on personal selling, dialogue.In consumer marketing the buyer behavior focuses more on individual purchasing, and familyinvolvement and influence.Channels in business to business marketing are indirect and include multiple relationships.Product in business to business markekting can be more technically complex and customized foruser preference. 2. A joint venture agreement usually involves a licensing fee. (Points : 2)TrueFalse What is the difference between value as perceived by the customer and value as perceived by thesupplier? (Points : 2)Value as perceived by the customer is the sum of the benefits, less the sum of all costs,monetary and otherwise, that are incurred with the purchase and use of the product.Value as perceived by the suppler is the sum of the benefits, less the sum of all costs, monetaryand otherwise, that are incurred with the purchase and use of the product.Value as perceived by the supplier is that value that provides benefit to the supplier.Suppliers must provide the offering that minimizes the customers need for value to increaseprofitability.Competitive Intelligence is a subset of Market Research. (Points : 2) TrueFalse Random and Non-Random errors are the two types of Sampling Error (Points : 2)TrueFalse Zoomerang and Survey Monkey are examples of companies that enable researchers to have morecontrol over their own survey creations. (Points : 2)TrueFalse Buying center interactions often make it easier to perform market research in B-B markets (Points : 2)TrueFalse The value networks business model can be an alternative to vertical integration and is often used inSilicon Valley to avoid costs associated with development of vertical/internal supply. The advantagesassociated with the network model include all of the following except: (Points : 2)Rapid development; ability to change partners as markets and technologies change.Minimal investment in infrastructure.Less potential conflicts of interest, especially when one firm has a key portion of a total offering.Flexibility – not bound to a particular facility after it is obsolete (but before fully depreciated). “Price is a major component of the marketing mix and products are not differentiable.” This statementdescribes which of the following competitive business to business marekt form? (Points : 2)Pure CompetitionMonopolistic CompetitionOligopolistic CompetitionPure Monopoly The largest kind of business customer (more than 35% GNP and fastest growing consuming group inU.S. is: (Points : 2)Nonprofit or Not-for-profit Organizations Industrial DistributorsValue-Added ResellersGovernment Units The most significant factor in business to business decision making is: (Points : 2)past experience with a supplier (relationships)pricepromotion activitiesadvertising expenditures A big percentage change in the consumer markets leads to only small changes in the business markets. (Points : 2)TrueFalse The marketing concept suggests that the firm should be contextually market sensitive and understandcustomer needs (Points : 2)TrueFalse A buying center in organizational purchasing is: (Points : 2)A centralized location where products can be easily stored, displayed, and purchased.focused on satisfying the needs of individual consumers in his/her personal family rolea collection of people with a stake in the buying process who contribute to the purchasedecision – they have specialties related to their personal discipline and purchase function in products,components, organizational needs and the firm’s culture.stakeholders from the technology and product design departments that drive the consumerbuying decision process for all of the other firms stakeholdersThe competitive intelligence is seldom a formal plan. (Points : 2)TrueFalse A trade publication can be considered a source of primary data. (Points : 2) TrueFalse Conducting personal interviews is considered collecting primary data. (Points : 2)TrueFalse Qualitative interviews can be considered exploratory research. (Points : 2)TrueFalse Four critical elements of strategy development include all of the following except: (Points : 2)Set time limited goals and non quantifiable objectives.Understand the environment in which the business operates.Learn from experience, update that experience.Critical thinking. In the Boston Consulting Group Growth-Share Matrix, a “Dog”: (Points : 2)Needs heavy investment to finance growthis characterized as low growth, low sharerequires an answer to this question: What does the organization have in its distinctive competencies that will make it win?are cash generators An HP LaserJet printer for a small business can be considered a “flagship” product. (Points : 2)TrueFalse Free riders are those retailers who either through mail order, e-commerce or other means, provide areduced service package to customers enabling a lower sales price. (Points : 2)TrueFalse Marketing strategy is different than corporate strategy. Which of the following is a distinguishing factorof marketing strategy? (Points : 2)Is a strategy to serve corporation’s specific concepts and tools.Is defined by executive management.Is comprised of overall missions, goals, and objectives.Provides a broader strategy scenario What is the major difference in market research in business to business marketing and consumermarketing? (Points : 2)Business to business market research is not concerned with cultures.Customers’ percetions of value are not a concern in business to business marketing. Market research, in business to business marketing, examines more in depth than consumermarketing – focus on defining differences between companies and cultures.There is no significant difference between business to business and consumer marketing. Exploratory research: (Points : 2)is designed to confirm preliminary findings, oftern with more of a quantitative approach.assumes that data can be collected in a timely and cost effective manner.assumes that the data collected are a valid representation of the market or customer reactionsto the customer variable.is designed to ascertain context and possible relationships in a first assessment of marketpotential.In the Technology Adoption Life Cycle, which adopter category wants to gain competitive advantagethrough new technology, but will not buy until they believe the product is easily adopted with minimumupheavel? They will distrust the references from visionaries and need a fully developed offering.(Points : 2)PragmatistsConservativesTechnophilesLaggards During the Maturity Stage of the PLC: (Points : 2) focus is on learning about customers, finding initial target markets and exploring the businessopportunitynew customers are laggards and field market development is non-existentbusiness development is initially focused on finding the beachhead segment across the chasman important role for business development is to develp the transition form the current offeringto the next generation offering with large volume pragmatists At the End Game Stage of the buying decision process: (Points : 2)publicity is used to reinforce decision, as well as personal sellingpublic relations and advertising are guse to generate awareness and interestprint advertisng and personal selling programs are used to induce interaction with the sellerpromotion is forcuse on personal selling and service elaboration 0 1278708130 MultipleChoice 15 0 1278708128 13 0 1278708127 MultipleChoice 12 Common situations in which ethical issues may emerge include: (Points : 2)product announcementsproduct capability claims MultipleChoice obtraining competitive informationall of the above During the aftermath stage of a crisis, media relations should: (Points : 2)avoid wild speculation (by yourself and others)determine the public responselimit points of contact for a focused, consistent messagebegin repair of the company’s image, debrief, and learn from experience 0 1278708133 MultipleChoice 18 With limited resources available for investigation and prosecution, violations in the business markets areoften subject to a substantiality test to determine the extent of the discriminatory practice. Threeconsiderations that make this test up are accurately listed as: (Points : 2)Size of the organization, the volume of the business involved, market preemption.Size of the organization, the payroll volume, variety of the products that the organization offersThe variety of markets the organization is active in, variety of products, the stock performanceof the organizationMarket preemption, the stock performance of the organization, return on assetsThe CEO pay, the healthcare benefits of the employees, variety of the products that theorganization offers What type of purchase decision puts an existing supplier at a greatest risk? (Points : 2)Routine PurchaseNew taskModified RebuyStraight RebuyRestocking Which one of the following is not a stage of the PLC? (Points : 2)IntroductionGrowthMaturityDeclineIdea Generation Which of the below can be described as a group of customers that will find reasons not to adopt evenwhen all the evidence says they should. (Points : 2)TechnophilesConservativesPragmatists LaggardsVisionaries The most important promotion mix variables in business to business marketing are: (Points : 2)general advertising and sales promotionpersonal selling and public relationsgeneral advertising and public relationssales promotion and personal selling Which one of the below stages of the PLC is described correctly? (Points : 2)Less productive or weaker competitors drop out of the market during the decline stage.The sales start slowing down during the introduction stage.Promotion activities are minimal at the maturity stage.The competition declines during the maturity stage.Profits are negative during the growth stage. All of the below are the characteristics of segments that markets will strive to create except: (Points : 2)MeasurabilityAccessibilitySubstantiability ActionabilitySustainability Which one of the SWOT analysis elements are internal? (Points : 2)Opportunities and ThreatsStrengths and WeaknessesThreats and weaknessesOpportunities and StrengthsStrengths and Threats All of the below can be considered as the major tenets of price discrimination regulation except:(Points : 2)If the product/service is sold in different marketsIf the product/service is sold at different timesIf the product/service is sold for different usesIf the product/service is sold to government agenciesIf the product/service is sold at different price levels and creates an unfair competition for oneor more business in the market0 1278708142 MultipleChoice 27 Which one of the below is one of the value creating activities of the value chain? (Points : 2) HR ManagementFinance DepartmentIT DepartmentMarketing/SalesProcurement A market with many sellers with similar products is called: (Points : 2)MonopolyOligopolyPerfect CompetitionMonopolistic CompetitionHigh competitive Which one of the below is not a type of organizational customer? (Points : 2)Industrial DistributorsValue-added SellersCapital Goods ManufacturersIndependent Press Original Equipment Manufacturers 0 1278708145 MultipleChoice 30 Which one of the following is called “star” market based on the BCG Matrix? (Points : 2)Needs heavy investment to finance growthCan be characterized to have market share in a high industry growth environmentCan be characterized to have market share in a low industry growth environmentGenerates cash flow only Which one of the below is not one of the four types of economic utility? (Points : 2)PossessionTimePlaceFormConvenience Star is not one of the categories suggested by the BCG matrix Which one of the buying decisions below entails an unfamiliar task? (Points : 2)New TaskStraight Rebuy Modified RebuyProduct Oriented TaskCustomer Oriented Task Which one of the legislative acts below was the first to prohibit monopolies? (Points : 2)Clayton ActSherman Antitrust ActFTC ActRobinson-Patman ActConsumer Goods Pricing Act 0 1278708149 MultipleChoice 39 Which one of the below introduced major changes in financial regulations after major corporateaccounting scandals? (Points : 2)Consumer Goods Pricing ActClayton ActFTC ActSherman Antitrust ActSarbanes-Oxley Act What is the another name for “chasm” gap in the Technology Adaptation Life Cycle? (Points : 2)Conservatives GapLaggards GapMarket Development GapVisionaries GapThis type of gap only exists in PLC. 0 1278708151 MultipleChoice 41 The members of the buying center try to meet three kinds of needs as they participate in the buyingdecision process. Which one of the below have a correct listing of them? (Points : 2)Organization’s needs, Individual’s needs stemming from his/her role in the buying center, thebuying center members’ personal needsProblem recognition, organization’s needs, product specificationEvaluating the performance, product selection, general need descriptionSupplier source search, problem recognition, product specificationProposal solicitation, product selection, general need description 0 1278708132 MultipleChoice 17 0 1278708126 MultipleChoice 11 0 1278708122 MultipleChoice 9 0 1278708117 MultipleChoice 8 0 1278708115 TrueFalse 6 0 1278708113 MultipleChoice 6 0 1278708105 MultipleChoice 2