16 Questions
Which one of the following is NOT a purpose for which businesses purchase products in a business market?
Use in marketing to consumers
Which one of the following is a characteristic of business markets?
Complex products
Which one of the following is NOT a category of business markets?
Consumer
According to the text, how many industry classifications are there in the North American Industry Classification System (NAICS)?
1,170
What is the purpose of using NAICS in business marketing?
To determine the number and types of potential customers
How do business orders differ from individual purchases?
Business orders tend to be much larger and require considerable marketing time and effort
What factors do business customers consider when making purchasing decisions?
Price, product quality, service, and the cost of developing and maintaining relationships with suppliers
Reciprocity is an agreement between three organizations to buy from each other.
False
Business customers are often less informed about the products they buy compared to individual consumers.
False
The North American Industry Classification System (NAICS) is used to generate comparable statistics among the United States, Canada, and Mexico.
True
Business marketers can use NAICS in conjunction with other types of data to determine the number and types of potential customers. This can be done by using state directories, commercial industrial directories, or ______ data services.
commercial
To estimate the purchase potential of business customers or groups of customers, a marketer must find a relationship between the size of potential customers' purchases and a ______ available in industrial classification data, such as the number of employees.
variable
Transactions between businesses and consumers differ in many ways. Business orders tend to be much larger than individual purchases, and they often require considerable marketing time and effort from the ______.
supplier
What is the purpose of using NAICS in business marketing?
To determine the number and types of potential customers.
What factors do business customers consider when making purchasing decisions?
Price, product quality, service, ethics and social responsibility, and the cost of developing and maintaining relationships with suppliers.
How do business orders differ from individual purchases?
Business orders tend to be much larger than individual purchases and often require considerable marketing time and effort from the supplier.
Test your knowledge on business markets and B2B marketing principles in this Chapter 7 review quiz. Explore the different purposes for purchasing products in the business market and understand how to effectively market to businesses.
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