Chapter 7 (Part One)

Question 1

B2B marketing

Answer 1

buying/selling of goods/services for use in production of goods and services for resale to retailers who will sell to consumers

Question 2

B2C marketing

Answer 2

offer entails a simple interaction of retailer and individual consumer

Question 3

Reseller

Answer 3

marketing intermediaries that resell manufactured products without significantly altering their form (ex: wholesaling)

Question 4

Wholesalers

Answer 4

independently owned firms, own products they sell. purchase in bulk and store until its resold

Question 5

Institutional buyers

Answer 5

hospitals, schools, and religious orgs who purchase goods/services

Question 6

B2B buying process

Answer 6

need recognition, product specification, RFP process, proposal analysis and supplier selection, order specification, vender/performance assessment

Question 7

Need recognition

Answer 7

helps recognize new needs, can be internal or external

Question 8

Product specification

Answer 8

used by suppliers to develop proposals, ex: computer specs, battery life

Question 9

Request for Proposal (RFP)

Answer 9

enables buyers to solicit pricing and other info from a variety of suppliers and they will allow suppliers to learn about buyer/their needs

Question 10

Proposal analysis

Answer 10

invite alternative vendors or suppliers to bid on supplying their required components or specifications

Question 11

Order specification

Answer 11

vendor is selected and firm places order, exact details are specified on purchase order

Question 12

Vendor analysis

Answer 12

judges whether vendor should provide future purchases