Differences between consumer markets and business markets

Subject: Business    / Marketing
Question

Question 1 (1 point)

Why is it important to understand the differences between consumer markets and business markets?

Question 1 options:

Because you will likely have a career selling to other businesses

Because business markets are only concerned with the price of their business purchases

Because business marketing principles are significantly different than consumer marketing principles

Because more money is spent on B2B markets than B2C markets and most career opportunities are B2B

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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.

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Question 3 (1 point)

The promotion mix tool that is most often used in B2B marketing is ____________.

Question 3 options:

sales promotion.

public relations.

advertising.

professional selling.

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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.

fluctuating demand.

primary demand.

joint demand.

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Question 5 (1 point)

What type of B2B buyer is the biggest purchaser of goods in the world?

Question 5 options:

resellers

producers

institutions

government

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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

accounting, finance and users

consumers, deciders, and influencers

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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.

Selling to other businesses is fraught with unethical practices since most purchases require some kind of bribery.

B2B markets are irrational in their purchasing decisions.

B2B markets share many of the same segmentation bases with B2C markets.

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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

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Question 9 (1 point)

A marketing information system is ___________.

Question 9 options:

a process of systematizing primary market research.

software designed to accumulate industry data.

the data a company gathers on consumers to track their behaviors.

a way to manage the vast amount of information to turn it into useful information for decision making.

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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:

analytics software

marketing intelligence

data mining

intranet

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Question 11 (1 point)

Which of the following are good sources of information on competitors?

Question 11 options:

Scanning newspapers, trade magazines, economic data

Asking friends who use a competitive product to check out competitors’ websites

Infiltrating the competitor with one of your own employees wearing a hidden microphone

Reverse engineer competitor products

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Question 12 (1 point)

When should a company use primary market research?

Question 12 options:

Just before a product or service offering is launched

At the beginning of the new product development process

When deciding on which target markets to pursue with a new offering

When the research will answer questions not available in existing data and the benefits of having those answers outweighs the cost of the research

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Question 13 (1 point)

What is the most common measure of financial performance to judge the effectiveness of marketing activities?

Question 13 options:

profit and loss statement

break-even analysis

return on investement or return on marketing investment

balance sheet

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Question 14 (1 point)

What is the value of calculating a customer’s lifetime value?

Question 14 options:

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

Because the company can plan on reaching more customers with similar characteristics

Because low lifetime value customers can be dropped

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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 merge financial metrics with performance metrics.

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.

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