Business buyers purchase goods to make or resell a product to others at a profit. Strategic sourcing is about understanding the markets you're purchasing from inside and out and learning from your own organization and your suppliers' organizational processes, working as a mediator between suppliers and your organization, and capturing information and using it to improve relationships. It is a process whereby people exchange goods and services for money. Commitment to opportunity. A business market is made up of groups of people who buy goods and services to use in producing other products, to resell, or for their own use in their day-to-day operations. Market research is defined as the process of evaluating the feasibility of a new product or service, through research conducted directly with consumers. Actually, making goods or performing services is called marketing. True B. Which of the following is true of relationship marketing? Learn more with market research types and examples. It refers to the sale of goods and services for the purpose of personal consumption. Term. Not all business markets are the same - that's especially true of the modern business markets. B. External legitimacy for a firm is best established by creating business plans. Answer. A. B) buyers and sellers are brought together for a commission.C) brokers build a pool of price information through their extensive contacts. Term. d. After you analyze the market, it's time to take a look at your findings. Vertical markets vs. horizontal markets. 1) Which of the following is true of strategic planning in a firm? a. Make other products. Identifying and understanding global customer needs means that the international marketer . c. Each party has the ability and desire to indulge in exchange. (c) They link the households which save funds and business firms which invest these funds. Which of the following is TRUE about Business-2-Business markets: a. there are more individual buyers than in B-to-C markets b. the demand is elastic c. the demand is stable d. B-to-B markets are more geographically concentrated ------------------------------------------------------------------------------------------------------------------ 2. connector demand. Explain whether the observation appears to contradict the weak, semi-strong, or strong form of the efficient-market hypothesis. A business buying situation in which the buyer purchases a product or service for the first time. An economic buyer is a typical member of the DMU. buyers in consumer markets approach purchasing more informally, while buyers in business markets approach purchasing more formally (3) People don't want to sell anything. This is quite an unfortunate mistake as the two, though similar in concept, are very different. As a . It aims to promote social responsibility. It is a free program and also provides certificates at the end of the final exam. There are more transactions in B2B markets and more high-dollar transactions because business products are often costly and complex. Family planning policies seek to limit population growth. a distributor. Unformatted text preview: Finance I, Problem Set 6 Questions: Market Efficiency 1. b) All literate customers. (1) Marketing was not a subject then. Options. c. It has long and indirect channels of distribution. Even the company's Products navigation menu includes how the product can "Get Your Business Online" and "Market Your . Loyal customers are less profitable than those who are price sensitive and perceive no . NRI is an easy target for effective marketing, because a) He likes Indian goods. To position his business, John may consult the 5 Ps of marketing in the following manner: Product: By-the-hour jet ski rentals for people who are in the city for a short duration of time. a dealer. True B. B. attractive product displays. 1. 30 seconds. A. True: Of the following, which is one of the central principles recommended in this chapter for firm organizing itself for international business: Organize value-adding activities along lines of comparative advantage (b) They allocate funds available for investment into their most productive investment opportunity. Question 3 (10 points) Finance is the study of how individuals, institutions, and businesses acquire, spend and manage money and other financial resources. Q #9: The resistance of employees in an organization against flexibility, growth, and diversification can be overcome by developing: A. For additional information or media inquiries, contact Covenant Books at 843-507-8373. There are also fewer buyers in B2B markets, but they spend much more than the typical consumer does and have more-rigid product standards. a distributor. It involves elements the business cannot control. Which of the following observations, if true, indicate market inefficiency? (d) All of the above. (a) True (b) False. In some countries, in-migration comprises a significant amount of population growth. Establishment of strategic direction f Chapter 1: The Strategic Management Process B. 2) Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. Understanding value in business markets and doing business based on value delivered gives suppliers the means to get an equitable return for their efforts. Land, buildings, materials, resources, and money are owned by businesses and consumers. Use them in day-to-day operations. It is a way to promote business and improve profit too. an institutional buyer. The market economy is an economy where private and public ownership of businesses is the norm. All of the above. A. Marketing strategy planning is the process of deciding how best to sell the products the firm produces. The target group for marketing of Internet Banking is a) All customers. Which of the following statements is true of business marketing? c. Buyers are usually not skilled at comparing competitive product offerings. Answer: F MULTIPLE CHOICE QUESTIONS 10. In a business setting, major purchases typically require input from various parts of the organization, including finance, accounting, purchasing, information technology management, and senior management. b. Business marketing is a marketing practice of individuals or organizations (including commercial businesses, governments and institutions). 30 seconds. Each party has to arrange its own logistics system. it includes goods such as portable drills, power tools, and microcomputers which of the following statements is true of accessory equipment? A) In a perfect capital market, a firm can increase its value by issuing debt (rather than equity) to finance a project, because the cost of debt (rp) is always smaller than the cost of equity (TE). Explanation: For developing a web presence for a business you can so many things such as creating social media profiles, launching a good UX website but it requires a tight budget for it but the most effective and easiest thing that you can do that will be loved by your user is by creating a mobile app so that any customer can place an order for the products they need. Tags: Our marketing mechanism is deemed successful only if -. Market research methods allow organizations and individual researchers to discover their target market, collect and document opinions and make informed decisions. On the other hand, when the economy is slowing (or stalled) and unemployment is rising, people have less money to spend, and the marketer's job is harder. All of the above. D) All of the above are true of broker markets. b) He is easily approachable. Example of the 5 P's of Marketing. Covenant Books specializes in all genres of work which appeal to the Christian market. b. False. Which of the following statements is TRUE? Question. ii. Brand element is also known as: a) Awareness b) Recall c) Identity d) Image 3. answer choices it is dominant in its field the owner is usually the manager it serves a small market it operates in one or a few locations Question 15 30 seconds Q. Business suppliers use social networking sites sparingly as these sites discourage businesses from shopping for all their needs b. View Answer. It is a free program and also provides certificates at the end of the final exam. (a) An organizational function and a set of process for creating, communicating and delivering, value to customers and that benefit the organization. 1. Select one: a. True False 19. John is considering operating a jet ski shop catering to travelers and tourists. Business suppliers use social networ. Term Systems selling (or solutions selling) Definition Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation. Q. Definition. Answer: (b) 6. Analyze your findings. Laborers and workers work for these companies. 1.40Select the statement that describes what should be done prior to starting a successful business to remedy high failure rates of enterprises. The most formal and best definition of marketing is ___________. 2. The growth of powerful communications technologies and the emergence of world cultures create the condition for global markets. Today, most international migrants are refugees. Q #10: The entrepreneur's_______________ depends on his perception of the opportunity. Horizontal markets are much broader than . It deals with products that are used to facilitate an organization's operations. Definition. These are described below: 1. B. Intrapreneurship. The shift toward a more integrated and interdependent world economy is referred to as globalization. The business-to-business (B2B) market includes people who buy products to: answer choices. C. Typically, the higher-performing firms in any industry tend to be those who do not have any business plan. d. It includes selling stationaries to students. The segment of the business market that seeks to achieve goals other than the standard business goals of profit, market share, and return on investment consists of: A. institutions B. resellers C . 11 Premium Courses By Google For FREE With Certificate; What Is Google Digital Garage Course? a dealer. The modern economy is essentially made up of three distinct sectors: primary, secondary, and tertiary. False 4. 6.) a. Which of the following is true of business markets? Google Digital Garage is an online program where you can learn about the fundamentals of digital marketing and also help to make your online businesses visible to more customers with fewer investments. True. 74) The environment in which marketing and marketers operate is dynamic and usually outside the control of marketing managers. False 2. Read Paper. Business suppliers use social networ. True 11. Lay out all of your research and organize it using different sections. One of the most common mistakes people make, when it comes to commercial transactions is thinking that business markets (B2B) are the same as consumer markets (B2C). True False 2. 3. Answer (d) All of the above D. Administrative domain. II. ANSWER:A. False. Business Cycle: The business cycle is the fluctuation in economic activity that an economy experiences over a period of time. According to the text, marketing means "selling" or "advertising." A. 1. Hiring of competent staff C. Identifying a good Target market D. Feasibility analysis of an apparent opportunity ANSWER:D. (a) An organizational function and a set of process for creating, communicating and delivering, value to customers and that benefit the organization. Which of the following is considered a "key player" in the marketing industry? Press Release Service by Newswire.com. C. free delivery. Resell them. b. a. (4) Small-scale enterprises dominated the economic scene. Marketing Mix is the most visible part of the marketing strategy of an organization. c. Each party has the ability and desire to indulge in exchange. Many people are investing in more resources and money in business markets. Which of the following statements is true of business plans? Customers in consumer markets initiate a direct demand with their purchases. Business markets and consumer markets tend to be similar to some extent. Political structures often channel self-interest toward social destruction. Question 3 options: True. Marketing plays an essential role in creating customer satisfaction. The following are the differences between horizontal and vertical markets: Horizontal markets focus on a target demographic that can be found in various industries, whereas vertical markets focus on one specific consumer who is only found in the vertical market. Strategic management includes the following: A. Question. B2B markets differ from B2C markets in many ways. Advertisement Remove all ads. Each organization has its own objectives, policies, procedures, structure, and systems to learn. Indicate whether the following statement is true or false: The attractiveness of a nation for global sourcing relates to factors such as the political environment, physical infrastructures, and the. We have a collection of 200+ online marketing quizzes for you that will help you identify knowledge gaps and build confidence. 1 answer below . The essence of customer value management . Answer. Ans. A. Holistic B. Demand-based C. Direct D. Relationship E. Synthetic Answer Question. Franchise 2. 1. 17. a. d) All of the above 2. Google Digital Garage is an online program where you can learn about the fundamentals of digital marketing and also help to make your online businesses visible to more customers with fewer investments.