Assignment
Question 1
Why is it important to understand the differences between consumer markets and business markets?
Because you will 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
Question 2
In B2B marketing, the more complex the item being sold, the _________.
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.
Question 3
The promotion mix tool that is most often used in B2B marketing is ____________.
advertising.
professional selling.
sales promotion.
public relations.
Question 4
The type of demand that springs from a source other than the primary buyer of a product is called __________.
derived demand.
joint demand.
primary demand.
fluctuating demand.
Question 5
What type of B2B buyer is the biggest purchaser of goods in the world?
resellers
institutions
government
producers
Question 6
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?
users, consumers and human resources
users, influencers, gatekeepers
consumers, deciders, and influencers
accounting, finance and users
Question 7
Which of the following statements about B2B market segmentation is MOST true?
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.
Question 8
For complex B2B purchases, at which stage of the decision-making process are potential vendors asked to complete a request for proposal?
Invitation to submit bids
proposal evaluation
Search for potential suppliers
Need recognition
Question 9
A marketing information system is ___________.
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.
Question 10
What element of a marketing information system is designed to pull and make sense of internally generated information?
data mining
analytics software
marketing intelligence
intranet
Question 11
Which of the following are good sources of information on competitors?
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
Question 12
When should a company use primary market research?
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
Question 13
What is the most common measure of financial performance to judge the effectiveness of marketing activities?
balance sheet
return on investement or return on marketing investment
break-even analysis
profit and loss statement
Question 14
What is the value of calculating a customer's lifetime value?
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
Question 15
What is the advantage of using dashboards to measure the performance of marketing activities?
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.