| August 14, 2017

61. A representative product taken from a lot or batch, evaluated, and purchased refers toa) homogeneous selection.b) description.c) trust.d) negotiated inspection.e) sampling.62. Which method of business buying is necessary when products are highly homogeneous andexamination of each item is not feasible?a) Negotiationb) Samplingc) Descriptiond) Inspectione) Homogeneous selection63. St. Jude’s Hospital decides to redo its kitchen with new flooring, cabinets, counters, andappliances. The hospital compiles a description of the project and then asks sellers to submit bids.After determining the most attractive bids, the hospital will then work with two or three companiesto determine who will get the contract. This is an example of using ______ for a purchase decision.a) samplingb) negotiationc) inspectiond) eliminatione) description64. Which of the following products is most likely to be purchased on the basis of contractnegotiation?a) Eggsb) Office suppliesc) Used carsd) A custom-made bulldozere) Wheat65. Most business purchases can be classified as belonging to one of three types:a) delinquent, repetitive, or delivered.b) repetitive, new-task, or modified rebuy.c) modified rebuy, new-task, or straight rebuy.d) delinquent, new-task, or reciprocal.e) rebuy, reciprocal, or delayed.66. When a business routinely purchases the same product with similar terms of sale, thepurchase is called aa) new-task.b) repetitive purchase.c) straight rebuy.d) modified rebuy.e) standard order.67. When a business is making its initial purchase of an item to be used to perform a new job, itis known as a _________ purchase.a) straight rebuyb) reciprocalc) delayedd) new-taske) modified rebuy68. Perry Supply’s sales and sales force have continued to expand. Now, the firm plans to add afleet of company cars as part of its sales compensation package. For Perry Supply, these vehicleswould represent a ____________ purchase.a) modified rebuyb) straight rebuyc) new-taskd) reevaluatede) repetitive69. Anderson Distribution Company has purchased 15 forklifts over the past two years. As itplans to place its next order for another five machines, management wonders if additional featuresmay be needed in order to handle changes in the product lines it carries. For Anderson, these newforklifts represent a ___________ purchase.a) new-taskb) repetitivec) straight rebuyd) repetitive ordere) modified rebuy70. A representative from Coca-Cola stops by at a local fast-food restaurant once a month toinquire how much soft drink syrup the store will need. The restaurant’s orders are an example ofwhich type of business purchase?a) New-taskb) Modified rebuyc) Straight rebuyd) Bide) Negotiated71. Safeway Supermarkets recently placed an order with the Kahn Corporation. Safeway hasordered these same products before under the same terms of sale. What type of purchase does thissituation represent?a) New-taskb) Repetitivec) Institutionald) Straight rebuye) Modified rebuy72. When the requirements associated with a new-task purchase are changed the second orthird time, this is called a ___________ purchase.a) modified rebuyb) continued new-taskc) contractuald) straight rebuye) negotiated rebuy73. Demand for business products is also known as ______ demand.a) derivedb) corporatec) business buyingd) manufacturinge) industrial74. The fact that business customers purchase products to be used directly or indirectly in theproduction of goods and services to satisfy customers’ needs means that demand for businessproducts isa) joint.b) economically stable.c) derived.d) inelastic.e) more fluctuating.75. Goodyear is a manufacturer and marketer of tires for new passenger cars. In recent years,the company’s business has declined because of the overall decrease in consumer demand for newcars. In this case, the demand for Goodyear’s tire products is said to be _______since it depends onthe demand for new cars.a) inelasticb) fluctuatingc) derivedd) elastice) nonderived76. Demand for business products is characterized as derived. From what is the demandderived?a) Industrial demandb) Modified demandc) Demand for consumer productsd) Future product demande) The business cycle77. All of the following describe the demand for business products excepta) elastic.b) derived.c) joint.d) inelastic.e) fluctuating.78. _________ is(are) a major threat to the sales success of jointly demanded products.a) Price changesb) Shortagesc) Economic instabilityd) Inventory buildupe) Proliferation of brands79. Inelastic demand simply means thata) buyers will not make a modified rebuy purchase.b) demand depends on how many items are purchased.c) a price increase or decrease will not significantly change the demand for an item.d) when price goes up, demand goes down.e) when supply is reduced, the price will increase.80. Inelastic demand in business markets refers to a situation wherea) demand for a given product fluctuates very little over time.b) price increases or decreases will not significantly change demand for a given product.c) demand for a given product fluctuates significantly over time.d) demand for one product depends heavily on the demand for another product.e) supply for a given product cannot keep pace with the demand for it.81. Demand for a business product is ___________ if a price increase or decrease will notsignificantly affect that demand.a) elasticb) inelasticc) derivedd) jointe) separate82. In placing a tire order with Michelin, South Side Industrial Supply finds that the truck tires itis ordering have increased $37.50 in price since the last order. South Side proceeds with the order,confident that it can pass on the price increase to future customers. This is an example of businessproducts having ___________ demand.a) derivedb) inelasticc) jointd) fluctuatinge) higher83. Demand for a business product is _____ when two or more items are used in combination toproduce a product.a) inelasticb) jointc) fluctuatingd) derivede) partnered84. As it places its order for truck tires with Michelin, South Side Industrial Supply realizes that itmust also place an order for valve stems and balancing weights for the truck tires. Such businessproducts are characterized as having ____________ demand.a) derivedb) inelasticc) jointd) fluctuatinge) higher85. When certain consumer products are in high demand, producers might buy extra materialsand equipment and when demand subsides, producers will cut back on their material purchases.This describes _____ demand.a) jointb) inelasticc) consumerd) fluctuatinge) derived86. Most business buying decisions are made bya) one person.b) a team of purchasing agents.c) a firm’s buying center.d) inventory control personnel.e) the sales force.87. In a buying center, purchasing agents or purchasing managers are also known asa) gatekeepers.b) deciders.c) buyers.d) users.e) influencers.88. The group of people within a business who are involved in making business buying decisionsis referred to asa) the new-task team.b) negotiators.c) purchasing agents.d) deciders.e) the buying center.89. The student senate at your university has been asked to give input on the purchase of newcomputers for campus computer labs. In this instance, the student senate would be acting as a(n)______.a) buyer.b) gatekeeper.c) user.d) influencer.e) decider.90. Barry Gluckman of WP International, a major marketer of word-processing software, callsthe secretary of Renee Dorchette, director of purchasing for MMK, Inc. He sets up an appointmentto discuss an upcoming purchase of software. The secretary plays the role of ___________ in thispurchase decision.a) gatekeeperb) buyerc) deciderd) buying center captaine) order giver

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