Strategic Relationship Quiz
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Questions and Answers

Which phase of the relationship development process is characterized by the parties' exchanging of significant resources?

  • Exploration
  • Expansion
  • Commitment (correct)
  • Attraction
  • What is the lasting desire to maintain or preserve a valuable, important relationship called?

  • Norm
  • Distribution pledge (correct)
  • Contract
  • Behavior
  • In the commitment phase, what happens to the association between the buyer and seller?

  • The association moves from one of testing and probing to one of enlarging rewards and the scope of exchange (correct)
  • The parties probe
  • They may exchange employees in order to fully identify with the trading partner
  • The supplier may collect information about product specifications, buying process and the like at the prospective customer
  • Which of the following is NOT a type of MRO item?

    <p>Painting contractors</p> Signup and view all the answers

    Which of the following is a key raw material for technology-driven companies?

    <p>Steel</p> Signup and view all the answers

    Compared to individual consumers, business customers are:

    <p>More likely to be geographically concentrated</p> Signup and view all the answers

    Compared to the typical household buying, the organizational purchasing process:

    <p>Arises from implicit negotiation, expertise, and habit</p> Signup and view all the answers

    Which of the following statements about buyer-seller relationships in business marketing is TRUE?

    <p>Close personal relationships exist between buyer and seller in all industries</p> Signup and view all the answers

    In business marketing, large customer size and use of direct channels increase the importance of:

    <p>Negotiation</p> Signup and view all the answers

    These members of an organization are specifically responsible for coordinating their company's efforts at satisfying their customers.

    <p>Salespeople</p> Signup and view all the answers

    Why is the demand for business products dependent ultimately on individual consumers?

    <p>Because business markets consume products in the process of making other products</p> Signup and view all the answers

    According to the text, what is one of the limitations of online auctions?

    <p>Many products and services cannot be fully specified</p> Signup and view all the answers

    According to the text, what is the primary concern of a buyer in an auction?

    <p>Price</p> Signup and view all the answers

    According to the text, what is the value of any system dependent on?

    <p>On the identity of the vendors and users</p> Signup and view all the answers

    According to the text, what do OEM buyers establish with suppliers to eliminate costly inventories and frequent handling costs?

    <p>JIT relationships</p> Signup and view all the answers

    Which stage of the relationship development process is marked by partners adapting and resolving disputes internally in order to sustain the relationship?

    <p>Expansion</p> Signup and view all the answers

    What is the BEST analogy for a good strategic relationship?

    <p>Courtship and marriage</p> Signup and view all the answers

    Which term refers to the degree to which the interaction between buyer and seller yields them net payoffs in excess of some minimum level?

    <p>Elasticity</p> Signup and view all the answers

    What is the belief that a party's word or promise is reliable and a party will fulfill his/her obligations in an exchange relationship called?

    <p>Trust</p> Signup and view all the answers

    Which of the following is an example of a social objective in government purchasing?

    <p>Encouraging the growth of minority-owned businesses</p> Signup and view all the answers

    In business markets, products are generally classified based on:

    <p>Type of purchaser and reason for purchase</p> Signup and view all the answers

    What is an important difference between accessory and capital equipment in marketing?

    <p>Capital equipment is much more expensive and involves more members of the organization in the purchasing process</p> Signup and view all the answers

    What are products purchased for use in a firm's operations usually called?

    <p>MRO items</p> Signup and view all the answers

    Which of the following is NOT part of the marketing mix?

    <p>Process</p> Signup and view all the answers

    Which of the following is a key characteristic of business customers compared to individual consumers?

    <p>Are more likely to be geographically concentrated</p> Signup and view all the answers

    Which of the following is the correct definition of derived demand?

    <p>Demand that results from the demand for customers' products and services</p> Signup and view all the answers

    Which of the following is the correct definition of value?

    <p>Is the perception of how much the buyer benefited beyond what was invested in a product</p> Signup and view all the answers

    Which of the following statements about buyer-seller relationships in business marketing is TRUE?

    <p>Close personal relationships exist between buyer and seller in all industries</p> Signup and view all the answers

    In business marketing, large customer size and use of direct channels increase the importance of:

    <p>Negotiation</p> Signup and view all the answers

    These members of an organization are specifically responsible for coordinating their company's efforts at satisfying their customers.

    <p>Middle managers</p> Signup and view all the answers

    When a company purchases a product or service to be included in its own final product, the company is called a(n)

    <p>Original equipment manufacturer</p> Signup and view all the answers

    Which of the following is a social objective in government purchasing?

    <p>Environmental objective</p> Signup and view all the answers

    In business markets, products are generally classified based on:

    <p>Type of purchaser and reason for purchase</p> Signup and view all the answers

    What is an important difference between accessory and capital equipment in marketing?

    <p>Capital equipment is much more expensive and its purchase may involve more members of the organization than purchase of accessory equipment</p> Signup and view all the answers

    Products purchased for use in a firm's operations are usually called:

    <p>Component parts</p> Signup and view all the answers

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