Question 1(1 point) Why is it important to understand the differences between consumer markets and business markets? Question 1 options: Because you will
... [Show More] likely have a career selling to other businesses Because more money is spent on B2B markets than B2C markets and most career opportunities are B2B Because business markets are only concerned with the price of their business purchases Because business marketing principles are significantly different than consumer marketing principles Save Question 2 (1 point) In B2B marketing, the more complex the item being sold, the _________. Question 2 options: longer it takes for the sale to be made. more people are involved in the RFP process. less time it takes to make a purchase decision more the price of the item is important. Save Question 3 (1 point) The promotion mix tool that is most often used in B2B marketing is ____________. Question 3 options: advertising. professional selling. sales promotion. public relations. Save Question 4 (1 point) The type of demand that springs from a source other than the primary buyer of a product is called __________. Question 4 options: derived demand. joint demand. primary demand. fluctuating demand. Save Question 5 (1 point) What type of B2B buyer is the biggest purchaser of goods in the world? Question 5 options: resellers institutions government producers Save Question 6 (1 point) In addition to the professional buyers in a buying center at a company, who else might be involved in the purchase decision for a business product or service? Question 6 options: users, consumers and human resources users, influencers, gatekeepers consumers, deciders, and influencers accounting, finance and users Save Question 7 (1 point) Which of the following statements about B2B market segmentation is MOST true? Question 7 options: B2B markets don't need to be segmented because they are only interested in lowest price for the best quality in all purchases. B2B markets share many of the same segmentation bases with B2C markets. B2B markets are irrational in their purchasing decisions. Selling to other businesses is fraught with unethical practices since most purchases require some kind of bribery. Save Question 8 (1 point) For complex B2B purchases, at which stage of the decision-making process are potential vendors asked to complete a request for proposal? Question 8 options: Invitation to submit bids proposal evaluation Search for potential suppliers Need recognition Save Question 9 (1 point) A marketing information system is ___________. Question 9 options: the data a company gathers on consumers to track their behaviors. a process of systematizing primary market research. software designed to accumulate industry data. a way to manage the vast amount of information to turn it into useful information for decision making. Save Question 10 (1 point) What element of a marketing information system is designed to pull and make sense of internally generated information? Question 10 options: data mining analytics software marketing intelligence intranet Save Question 11 (1 point) Which of the following are good sources of information on competitors? Question 11 options: Asking friends who use a competitive product to check out competitors' websites Scanning newspapers, trade magazines, economic data Reverse engineer competitor products Infiltrating the competitor with one of your own employees wearing a hidden microphone Save Question 12 (1 point) When should a company use primary market research? Question 12 options: At the beginning of the new product development process When the research will answer questions not available in existing data and the benefits of having those answers outweighs the cost of the research When deciding on which target markets to pursue with a new offering Just before a product or service offering is launched Save Question 13 (1 point) What is the most common measure of financial performance to judge the effectiveness of marketing activities? Question 13 options: balance sheet return on investement or return on marketing investment break-even analysis profit and loss statement Save Question 14 (1 point) What is the value of calculating a customer's lifetime value? Question 14 options: Because low lifetime value customers can be dropped Because the company can plan on reaching more customers with similar characteristics Because customers with a high lifetime value can influence other customers to purchase the product. Because the higher the customer lifetime value is the more the company should focus on meeting their needs Save Question 15 (1 point) What is the advantage of using dashboards to measure the performance of marketing activities? Question 15 options: Dashboards make decisions about modifications needed to marketing activities Dashboards allow managers to see performance data in real time and quickly make changes, if needed, to improve the performance. Dashboards relieve managers of the responsibility of monitoring data. Dashboards merge financial metrics with performance metrics. [Show Less]
