Question 1

_____ are long-term market exchanges in which the buyer purchases out of habit or routine.

Accepted Answer

A)  Strategic partnerships 
B)  Tactical relationships 
C)  Relational partnerships 
D)  Functional relationships 
E)  Routine partnerships

Question 2

The two types of market exchanges are:

Accepted Answer

A)  functional and strategic relationships 
B)  tactical and behavioral market exchanges 
C)  solo market exchanges and functional relationships 
D)  tactical market exchanges and profit relationships 
E)  one-sided relationships and bipartisan market exchanges

Question 3

What are the two types of partnerships between buyer and seller?

Accepted Answer

The answer of What are the two types of partnerships...

Question 4

A(n) ___________ profit is the selling price minus cost of the product and time and effort needed to purchase it.

Accepted Answer

A)  economic 
B)  seller's 
C)  production 
D)  buyer's 
E)  partnering

Question 5

What are the two types of customer loyalty?

Accepted Answer

The answer of What are the two types of customer...

Question 6

Supplier relationship management uses existing vendor relationships to cultivate new vendor relationship.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following serves as a foundation for a successful, long-term relationship?

Accepted Answer

A)  mutual trust 
B)  organizational support 
C)  shared goals 
D)  open communication 
E)  all of the above

Question 8

Hugh is a salesperson who primarily stocks the DVDs and compact disks at convenience stores. His primary role in the functional relationships he has set up with store buyers is to:

Accepted Answer

A)  sell on the basis of product quality 
B)  sell as much as he can to each buyer 
C)  ignore the price element of the marketing mix as a selling point 
D)  ignore his competition 
E)  make sure the buyer has no reason to go and look for a new supplier

Question 9

Caesar salad dressing made correctly contains raw eggs, but fear of salmonella poisoning forced many restaurants to use an inferior tasting bottled dressing on their Caesar salads. Davidson has developed a process for pasteurizing eggs on a large-scale basis. The pasteurization of eggs is a complicated process that took years to perfect. Because Davidson developed the process and will share it with poultry farmers, the company would be classified as a:

Accepted Answer

A)  competitive partner 
B)  marketing niche company 
C)  lead user 
D)  power marketer 
E)  market guru

Question 10

Value is measured the same way for both buyers and sellers.

Accepted Answer

A) True 
 B)False

Question 11

When salespeople and buyers trust each other, they:

Accepted Answer

A)  are more likely to monitor each other's daily activities 
B)  find more opportunities available to take advantage of each other 
C)  communicate more efficiently with each other 
D)  seldom achieve mutually beneficial outcomes 
E)  do not engage in risky behavior

Question 12

Customer satisfaction occurs when the buyer's expectations are met and needs fulfilled.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following statements about strategic partnerships is true?

Accepted Answer

A)  Strategic partnerships are not found anywhere outside the U.S. 
B)  Strategic partnerships are created for the purpose of uncovering and exploiting joint opportunities. 
C)  Strategic partnerships typically have a shorter time horizon than functional relationships. 
D)  Strategic partnerships have lower levels of risk than functional relationships. 
E)  The strategic partnership can best be described as competitive.

Question 14

In which type of salesperson-customer relationship will the time horizon be the shortest?

Accepted Answer

A)  market exchange 
B)  functional relationship 
C)  straight rebuy exchange 
D)  partnering relationship 
E)  modified rebuy exchange

Question 15

Which of the following statements about the effects of a successful buyer-seller relationship on organizational structures and cultures is true?

Accepted Answer

A)  Only the organizational structure of the seller needs to change for a successful partnering relationship to be implemented. 
B)  It is difficult to create and maintain organizational culture that will facilitate the implementation of a partnering relationship. 
C)  Organizational cultures are unaffected by partnering relationships. 
D)  Organizational structures are unaffected by partnering relationships. 
E)  Only the organizational structure of the buyer needs to change for a successful partnering relationship to be implemented.

Question 16

The Internet often increases buyer's profit through

Accepted Answer

A)  economic competence 
B)  strategic supply chain management 
C)  production efficiency 
D)  reduced costs of shopping 
E)  ecological partnering

Question 17

At which stage of the customer relationship building process will the buyer and seller pledge either implicitly or explicitly to continue the relationship for a period of time?

Accepted Answer

The answer of At which stage of the customer relationship...

Question 18

Gerry's company brought in the top performing salespeople and studied their sales presentations. Using the information gathered, the company developed a(n) _____________ for all salespeople to use without deviation.

Accepted Answer

A)  customized variable presentation 
B)  automatic rebuy promotion 
C)  canned sales pitch 
D)  exploratory sales pitch 
E)  win-win presentation

Question 19

What different types of relationships can exist between buyers and sellers?

Accepted Answer

The answer of What different types of relationships can exist...

Question 20

Which of the factors used to develop mutual trust between a buyer and a seller is LEAST important?

Accepted Answer

A)  dependability 
B)  honesty 
C)  likeability 
D)  a customer orientation 
E)  competence

Exam 2: Building Partnering Relationships

_____ are long-term market exchanges in which the buyer purchases out of habit or routine.

The two types of market exchanges are:

What are the two types of partnerships between buyer and seller?

A(n) ___________ profit is the selling price minus cost of the product and time and effort needed to purchase it.

What are the two types of customer loyalty?

Supplier relationship management uses existing vendor relationships to cultivate new vendor relationship.

Which of the following serves as a foundation for a successful, long-term relationship?

Hugh is a salesperson who primarily stocks the DVDs and compact disks at convenience stores. His primary role in the functional relationships he has set up with store buyers is to:

Value is measured the same way for both buyers and sellers.

When salespeople and buyers trust each other, they:

Customer satisfaction occurs when the buyer's expectations are met and needs fulfilled.

Which of the following statements about strategic partnerships is true?

In which type of salesperson-customer relationship will the time horizon be the shortest?

Which of the following statements about the effects of a successful buyer-seller relationship on organizational structures and cultures is true?

The Internet often increases buyer's profit through

At which stage of the customer relationship building process will the buyer and seller pledge either implicitly or explicitly to continue the relationship for a period of time?

Gerry's company brought in the top performing salespeople and studied their sales presentations. Using the information gathered, the company developed a(n) _____________ for all salespeople to use without deviation.

What different types of relationships can exist between buyers and sellers?

Which of the factors used to develop mutual trust between a buyer and a seller is LEAST important?