Liberty University BUSI 520 Quiz 2. Questions &
Answers (Graded A)
Question 1
2 out of 2 points
The ________ market consists of schools, hospitals, nursing homes, prisons, and other
institutions that must provide goods and services to people in their care.
Selected Answer: institutional
Question 2
2 out of 2 points
The purchasing department buys office supplies on a routine basis from a pre-approved
list of suppliers. This type of purchase is classified as a ________.
Selected Answer: straight rebuy
Question 3
2 out of 2 points
A ________ plan establishes a long-term relationship in which the supplier promises to
resupply the buyer as needed, at agreed-upon prices, over a specified period of time.
Selected Answer: stockless purchase
Question 4
2 out of 2 points
________ is a key industrial marketing strategy in bidding to build large-scale industrial
products such as dams, pipelines, etc.
Selected Answer: Systems selling
Question 5
2 out of 2 points
Which of the following is true about industrial buying decisions?
Selected Answer: They service both the organization's and the individual's needs.
Question 6
2 out of 2 points
When purchasing disposable surgical gowns, Mercy Hospital's vice president of
purchasing analyzes whether the hospital should buy disposable gowns or reusable
gowns. If the findings favor disposable gowns, then the operating-room administrator
compares various competitors' products and prices and makes a choice. Surgeons
influence the decision retroactively by reporting their satisfaction with the particular
brand. In this situation, the operating-room administrator performs the role of the
, ________.
Selected Answer: decider
Question 7
2 out of 2 points
In most countries, ________ are the major buyers of goods and services. They typically
require suppliers to submit bids and often award the contract to the lowest bidder.
Selected Answer: government organizations
Question 8
2 out of 2 points
Small sellers should first concentrate their marketing efforts on reaching ________.
Selected Answer: influencers
Question 9
2 out of 2 points
Timken achieved record revenue despite a recession by ________.
Selected shifting attention into heavy processing, aerospace and defense
Answer: industries
Question 10
2 out of 2 points
Many business buyers prefer to buy a total solution to a problem from one seller. This
process is also known as ________.
Selected Answer: systems buying
Question 11
2 out of 2 points
WayToGrow Inc. is one of the most popular brands of toys in its home market. The
company decides to expand its business abroad and its board of directors feel that instead
of trying to establish its presence all at once in multiple markets, it is better to expand one
country at a time. This would limit their risk and allow them to analyze customer
response, after which they could expand to other similar countries. WayToGrow is
following a ________ approach.
Selected Answer: waterfall
Question 12
2 out of 2 points
Which of the following is NOT one of the ways direct exporting happens?
Selected Answer: domestic-based export agents
Answers (Graded A)
Question 1
2 out of 2 points
The ________ market consists of schools, hospitals, nursing homes, prisons, and other
institutions that must provide goods and services to people in their care.
Selected Answer: institutional
Question 2
2 out of 2 points
The purchasing department buys office supplies on a routine basis from a pre-approved
list of suppliers. This type of purchase is classified as a ________.
Selected Answer: straight rebuy
Question 3
2 out of 2 points
A ________ plan establishes a long-term relationship in which the supplier promises to
resupply the buyer as needed, at agreed-upon prices, over a specified period of time.
Selected Answer: stockless purchase
Question 4
2 out of 2 points
________ is a key industrial marketing strategy in bidding to build large-scale industrial
products such as dams, pipelines, etc.
Selected Answer: Systems selling
Question 5
2 out of 2 points
Which of the following is true about industrial buying decisions?
Selected Answer: They service both the organization's and the individual's needs.
Question 6
2 out of 2 points
When purchasing disposable surgical gowns, Mercy Hospital's vice president of
purchasing analyzes whether the hospital should buy disposable gowns or reusable
gowns. If the findings favor disposable gowns, then the operating-room administrator
compares various competitors' products and prices and makes a choice. Surgeons
influence the decision retroactively by reporting their satisfaction with the particular
brand. In this situation, the operating-room administrator performs the role of the
, ________.
Selected Answer: decider
Question 7
2 out of 2 points
In most countries, ________ are the major buyers of goods and services. They typically
require suppliers to submit bids and often award the contract to the lowest bidder.
Selected Answer: government organizations
Question 8
2 out of 2 points
Small sellers should first concentrate their marketing efforts on reaching ________.
Selected Answer: influencers
Question 9
2 out of 2 points
Timken achieved record revenue despite a recession by ________.
Selected shifting attention into heavy processing, aerospace and defense
Answer: industries
Question 10
2 out of 2 points
Many business buyers prefer to buy a total solution to a problem from one seller. This
process is also known as ________.
Selected Answer: systems buying
Question 11
2 out of 2 points
WayToGrow Inc. is one of the most popular brands of toys in its home market. The
company decides to expand its business abroad and its board of directors feel that instead
of trying to establish its presence all at once in multiple markets, it is better to expand one
country at a time. This would limit their risk and allow them to analyze customer
response, after which they could expand to other similar countries. WayToGrow is
following a ________ approach.
Selected Answer: waterfall
Question 12
2 out of 2 points
Which of the following is NOT one of the ways direct exporting happens?
Selected Answer: domestic-based export agents
