41) Heuristics can come into play when consumers forecast the likelihood of future outcomes or event

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41) Heuristics can come into play when consumers forecast the likelihood of future outcomes or events. How does a consumer use an anchoring and adjustment heuristic?

42) ________ refers to 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 suppliers.

A) Marketing channels

B) Organizational buying

C) Corporate retailing

D) Brand auditing

E) Inventory control

43) Which of the following is TRUE for business marketers?

A) They deal with more and larger buyers than consumer marketers.

B) They deal with more and smaller buyers than consumer marketers.

C) They deal with fewer and larger buyers than consumer marketers.

D) They deal with fewer and smaller buyers than consumer marketers.

E) They deal with the same kind of buyers as consumer marketers.

44) Pittsburgh-based Consol Energy's coal business largely depends on orders from utilities and steel companies which, in turn, depend on broader economic demand from consumers for electricity and steel-based products like automobiles and appliances because of ________.

A) fluctuating demand

B) derived demand

C) professional purchasing

D) multiple buying influences

E) multiple sales calls

45) 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 ________.

A) straight rebuy

B) modified rebuy

C) new task

D) secondary purchase

E) procure-to-pay

46) Shoe manufacturers are not going to 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. This is an example of ________.

A) inelastic demand

B) direct purchasing

C) decision framing

D) a modified rebuy

E) a straight rebuy

47) In a ________ purchasing situation, the buyer wants to make some change to existing product specifications, prices, delivery requirements, or other terms.

A) new rebuy

B) regular buy

C) straight rebuy

D) modified rebuy

E) new task

48) The business market is essentially the same market as the consumer market.

49) The demand for business goods is ultimately derived from the demand for raw materials.

50) The business buyer makes the fewest decisions in the straight rebuy situation and the most in the new-task situation.

 

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