BUS 360 Exam 2 Questions with Verified Solutions Graded A+
B2B - Answers the marketing of goods and services to individuals and organizations for
purposes other than personal consumption
B2C - Answers business to consumer, such as going in a store and buying a product
4 ways a Business Product can be used - Answers To manufacture other products
Become part of another product
Aid the normal operations of an organization
Are acquired for resale without change in form
Is it a Business Product or a Consumer Product? - Answers If it is used for personal
consumption - consumer
used for business purposes or like a paperclip in an office - business
B2B e-Commerce - Answers the use of the internet to facilitate the exchange of goods, services,
and information between organizations
B2B e-commerce is important because - Answers quicker, allows for more buyers aka
worldwide, more business
What is stickiness - Answers A measure of a Website's effectiveness
How is stickiness measured/calculated? - Answers frequency x duration x site reach
3 elements of a relationship - Answers trust
respect
mutual gain
What is an NPS score? - Answers Net promoter score
How is NPS calculated? - Answers %Promoters - %Detractors
Why is NPS used? - Answers used by many large companies as a customer feedback tool. ...
This allows you to make the appropriate adjustments to increase the future NPS, either by
boosting the percentage of Promoters, either by reducing the proportion of Passives and
Detractors (or better yet, a combination of both).
4 major types of Strategic Alliances - Answers Licensing/distribution agreements
Joint ventures
, Research and development consortia
Partnerships
4 major categories or Business Customers - Answers Producers - OEM
Resellers - Wholesalers, Retailers
Governments - Fed, State, Local
Institutions - Schools, churches, hospitals, unions, colleges, frat groups
What is the NAICS Classification System? - Answers A detailed numbering system developed by
the US, Canada, and Mexico to classify NAm business establishments by their main production
processes
What is the NAICS Classification System Used for? - Answers to determine size, number, and
geographic dispersion of firms
Market potential/market share estimates
sales forecasts
new customer/partner ID
4 differences in Business vs Consumer Market - Answers *Business*: organizational demand,
larger volume, fewer customers, concentrated location, more complex negotiations
*Consumer*: individual demand, smaller volume, many customers, dispersed location, simpler
negotiations
5 types of demand in Business Markets - Answers Derived
Inelastic
Elastic
Fluctuating
Joint
Derived demand in Business Market - Answers demand for business products results from
demand for consumer products
Inelastic demand in Business Market - Answers a change in price will not significantly affect the
demand for a product
Elastic demand in Business Market - Answers a change in price will significantly affect the
demand for product
B2B - Answers the marketing of goods and services to individuals and organizations for
purposes other than personal consumption
B2C - Answers business to consumer, such as going in a store and buying a product
4 ways a Business Product can be used - Answers To manufacture other products
Become part of another product
Aid the normal operations of an organization
Are acquired for resale without change in form
Is it a Business Product or a Consumer Product? - Answers If it is used for personal
consumption - consumer
used for business purposes or like a paperclip in an office - business
B2B e-Commerce - Answers the use of the internet to facilitate the exchange of goods, services,
and information between organizations
B2B e-commerce is important because - Answers quicker, allows for more buyers aka
worldwide, more business
What is stickiness - Answers A measure of a Website's effectiveness
How is stickiness measured/calculated? - Answers frequency x duration x site reach
3 elements of a relationship - Answers trust
respect
mutual gain
What is an NPS score? - Answers Net promoter score
How is NPS calculated? - Answers %Promoters - %Detractors
Why is NPS used? - Answers used by many large companies as a customer feedback tool. ...
This allows you to make the appropriate adjustments to increase the future NPS, either by
boosting the percentage of Promoters, either by reducing the proportion of Passives and
Detractors (or better yet, a combination of both).
4 major types of Strategic Alliances - Answers Licensing/distribution agreements
Joint ventures
, Research and development consortia
Partnerships
4 major categories or Business Customers - Answers Producers - OEM
Resellers - Wholesalers, Retailers
Governments - Fed, State, Local
Institutions - Schools, churches, hospitals, unions, colleges, frat groups
What is the NAICS Classification System? - Answers A detailed numbering system developed by
the US, Canada, and Mexico to classify NAm business establishments by their main production
processes
What is the NAICS Classification System Used for? - Answers to determine size, number, and
geographic dispersion of firms
Market potential/market share estimates
sales forecasts
new customer/partner ID
4 differences in Business vs Consumer Market - Answers *Business*: organizational demand,
larger volume, fewer customers, concentrated location, more complex negotiations
*Consumer*: individual demand, smaller volume, many customers, dispersed location, simpler
negotiations
5 types of demand in Business Markets - Answers Derived
Inelastic
Elastic
Fluctuating
Joint
Derived demand in Business Market - Answers demand for business products results from
demand for consumer products
Inelastic demand in Business Market - Answers a change in price will not significantly affect the
demand for a product
Elastic demand in Business Market - Answers a change in price will significantly affect the
demand for product
