Analyzing Business Markets - MCQs with answers - Part 1

Analyzing Business Markets - MCQs with answers - Part 1

Organizational Buying: MCQs with answers

1. "Smart Business Roadmap" program was developed by _________. It matched common business issues faced by SMB customer types with long term technology solutions.
a) Cisco
b) IBM
c) Apple
d) None of the above

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2. Webster and Wind define _______as the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate and choose among alternative brands and supplies.

a) Business buying
b) Corporate buying
c) Organizational Buying
d) None of the above.

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3. The ________ consists of all the organizations that acquire goods and services used in the production of other services or products that are sold, rented or supplied to others

a) Consumer Market
b) Corporate Market
c) Business Market
d) None of the above

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4. Fewer, larger buyers is the key characteristic of _________

a) Business market
b) Consumer market
c) Both a and b
d) None of the above

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5. Because of the _________ and the importance and power of large customers, suppliers are frequently expected to customize their offerings to the individual business customer needs.

a) Larger customer base
b) Mid-sized customer base
c) Smaller customer base
d) None of the above

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6. _________ is the demand for business goods which results from the demand for consumer goods.

a) Inelastic demand
b) Derived demand
c) Fluctuating demand
d) None of the above

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7. When demand for many business products and services is not affected by the change in prices, we call it as ____________

a) Inelastic demand
b) Derived demand
c) Fluctuating demand
d) None of the above

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8. Shoe manufacturers will not buy much more leather if the price of leather falls. Nor will they buy much less leather if the price rises unless they can find satisfactory substitutes. It is an example of:

a) Derived demand
b) Fluctuating demand
c) Inelastic demand
d) None of the above

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9. In fluctuating demand, the demand for business goods and services tend to be _______ volatile than the demand for consumer goods and services.

a) Less
b) Unaffected
c) More
d) None of the above

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10. A given percentage increase in consumer demand can lead to a much higher percentage increase in the demand for plant and equipment necessary to produce the additional output. Economists refer to it as a _________

a) Rising effect
b) Acceleration effect
c) Deceleration effect
d) None of the above

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