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Test-Bank-Business-Marketing-Management- B2B-11th-Edition (All Chapters Covered With Latest Solutions ) VERIFIED

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Chapter 1—A Business Marketing Perspective MULTIPLE CHOICE 1. The business market consists of the following three components: a. commercial enterprises, resellers, and government. b. manufacture... rs, institutions, and defense. c. manufacturers, service organizations, and government. d. commercial enterprises, service organizations, and government. e. commercial enterprises, institutions, and government. ANS: E PTS: 1 NAT: AACSB Reflective Thinking | CB&E Model Marketing Plan | R&D Knowledge of general business functions 2. Concerning manufacturing customers, the business market is: a. concentrated by size. b. geographically concentrated. c. experiencing declining growth in many large metropolitan areas. d. all of the above. e. (a) and (b) only. ANS: E PTS: 1 NAT: AACSB Reflective Thinking | CB&E Model Marketing Plan | R&D Knowledge of general business functions 3. Based on the volume of their purchases, _____ are the most important commercial customers in the business or industrial market. a. construction companies b. manufacturers c. transportation companies d. service firms (e.g., hotels) e. health care facilities ANS: B PTS: 1 NAT: AACSB Reflective Thinking | CB&E Model Marketing Plan | R&D Knowledge of general business function 4. Market-driven firms demonstrate: a. the coordinated use of interfunctional resources (for example, research and development, manufacturing). b. a set of values and beliefs among employees that places the customer's interests first. c. the ability to generate, disseminate, and productively use superior information about customers and competitors. d. all of the above. e. (b) and (c) only. ANS: D PTS: 1 NAT: AACSB Reflective Thinking | CB&E Model Strategy | R&D Knowledge of general business functions 5. Market-driven firms spot market changes and react well in advance of their competitors. This illustrates: a. the customer-linking capability of market-driven firms. b. the value proposition of market-driven firms. c. the market-sensing capability of market-driven firms. d. the value of using direct channels of distribution in the business market. e. both (b) and (c). ANS: C PTS: 1 NAT: AACSB Reflective Thinking | CB&E Model Strategy | R&D Knowledge of general business functions 6. The particular skills, abilities, and processes that an organization has developed to manage close customer relationships are referred to as: a. the customer-linking capability. b. channel management. c. derived demand. d. the market-sensing capability. e. the extended enterprise. ANS: A PTS: 1 NAT: AACSB Reflective Thinking | CB&E Model Customer | R&D Managing decision-making processes 7. The ability of an organization to quickly recognize changes in its market and to anticipate customer responses to marketing programs is referred to as: a. market research capability. b. customer-linking capability. c. competitive intelligence. d. market-sensing capability. e. derived demand. ANS: D PTS: 1 NAT: AACSB Reflective Thinking | CB&E Model Customer | R&D Managing decision-making processes 8. Motorola reduced the price of the electronic engine control that it sells to Ford by 10 percent and experienced a 15 percent increase in quantity demanded. This suggests that Ford’s price elasticity of demand is: a. elastic. b. inelastic. c. neither elastic nor inelastic. d. insensitive to price changes. e. none of the above. ANS: A PTS: 1 NAT: AACSB Reflective Thinking | CB&E Model Pricing | R&D Knowledge of general business functions 9. Dayco increased the price of the drive belts that it sells to Genera [Show More]

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