Exam 7: Analyzing Business Markets

In the ________ category of buyer-supplier relationship, although bonded by a close, cooperative relationship, the seller adapts to meet the customer's needs without expecting much adaptation or change on the part of the customer in exchange.

Companies are increasingly reducing the number of suppliers they utilize, and there is a trend toward single sourcing.

With respect to the buying center, approvers are people who have the power to prevent sellers or information from reaching members of the buying center.

In the buying center, several people can occupy a given role such as user or influencer, and one person may play multiple roles.

Researchers have found that buyer-supplier relationships differed according to four factors: availability of alternatives; importance of supply; complexity of supply; and supply market dynamism. Based on these four factors, they classified buyer-supplier relationships into eight different categories. What are those categories?

The ___________ normally deals with far fewer, much larger buyers than the consumer marketer does.

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

In the ________ method for assessing customer value, customers are asked how costs of using a new product compare to those of using an incumbent.

The buying center may attempt to negotiate with preferred suppliers for better prices and terms before making the final selection.

Your organization is considering selling its products to the institutional market. What type of customers will you be making your appeals to?

The total demand for many business goods and services is inelastic, that is, not much affected by price changes.

________ investments are those expenditures tailored to a particular company and value chain partner.

________ is composed of all parties who participate in the purchasing decision-making process and share common goals and risks associated with their decisions.

On an online ________ , prices change by the minute.

Contracts are always sufficient to govern supplier transactions and prevent supplier opportunism.

The relationship between a company and its office supplies vendor where competition rather than cooperation is the dominant form of governance is probably best described as ________.

The business market 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. List the major industries that make up the business market.

Xerox offers a ________ approach to prospective clients when it offers a complete turnkey solution, including the operation and management of the client's information and communication need.

Initiators are those who authorize the proposed action of deciders or buyers.

________ occurs when customers are given a perspective or point of view that allows the firm to "put its best foot forward."