MANAGEMENT: 2025/2026, WITH
CORRECT/ACCUREATE ANSWERS
Functional relationships - CORRECT ANSWERS- Limited, ongoing
relationships that develop when a buyer continues to purchase a
product from a seller out of habit, as long as its needs are met
Individual Factors - CORRECT ANSWERS- B2B decisions are
influenced by characteristics of the individuals involved in the
selection process
Organizational Factors - CORRECT ANSWERS- Purchasing
decisions, especially big-ticket expenditures, may be influenced
by the organization's strategies, priorities, and performance
Modular structure - CORRECT ANSWERS- Divides the business
into small, tightly knit strategic business units (SBUs), which focus
on specific elements of the organizational process
Business Environment - CORRECT ANSWERS- B2B purchasing is
also influenced by factors in the external business environment
,Opinion leaders - CORRECT ANSWERS- Influential members of a
community, group, or society to whom others turn for advice,
opinions, and views
Functional structure - CORRECT ANSWERS- An organization
structure that groups employees according to a specialized or
similar set of roles or tasks
Affiliative selling relationships - CORRECT ANSWERS- A situation
where the buyer needs extensive expertise from the seller to
make a decision
Strategic partnerships - CORRECT ANSWERS- A partnership in
which the buyer and seller commit resources to generate growth
for both parties
Alliance agreements - CORRECT ANSWERS- A formal agreement
among companies who want to share resources to create a
competitive advantage
Joint R&D agreements - CORRECT ANSWERS- Businesses join to
develop a specific product or service
Co-marketing agreements - CORRECT ANSWERS- An agreement
where companies share resources to market their products
together
,Minority investments - CORRECT ANSWERS- An investment by
one organization in another organization in which the investor
firm holds less than 50 percent of the shares
Distribution - CORRECT ANSWERS- The process of making a
product or service available for the consumer or business user
who needs it
Supply chain management - CORRECT ANSWERS- The
management of a network of interconnected businesses involved
in the provision of product and service packages required by the
end customers in a supply chain
Just-in-time (JIT) - CORRECT ANSWERS- A manufacturing system
in which materials or components are delivered immediately
before they are required in order to minimize inventory costs
Preferred supplier - CORRECT ANSWERS- A company that has an
agreement with another company to supply it with goods or
services
Preferred supplier agreement (PSA) - CORRECT ANSWERS- An
agreement entered into by a company and one of its third-party
suppliers
Customer relationship management systems - CORRECT
ANSWERS- A customer database that holds all the information
regarding a transaction (e.g., date; products purchased;
, salesperson who sold the products; and name, address, and
contact information of the customer) and it captures all
communication the customer has had with the company. It
collects information and data on customers' purchasing behaviors
and patterns, and distribute this information to relevant
departments.
Customer acquisition - CORRECT ANSWERS- Process of gaining
new customers by persuading them to purchase a company's
products and/or services
Customer retention - CORRECT ANSWERS- The ability of a
company or product to retain its customers over some specified
period
Customer profitability - CORRECT ANSWERS- Seeks to increase
the profit margins of a particular customer segment by offering
the desired product and service at the right time through the right
channel.
Three primary functions of a CRM system - CORRECT ANSWERS-
Operational, analytical, and collaborative
Operational - CORRECT ANSWERS- Primary activities of CRM that
are or result in actual interactions with customers. Operational
CRM relates to integrating sales, marketing, and customer
support to ensure that customer satisfaction is as high as possible