MIDTERM ALL ALL ALL HAHAHA Flashcards

1
Q

A societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging goods and services of value with others.

A

MARKETING ACCORDING TO PHILIP KOTLER

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2
Q

Set of activities, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.

A

MARKETING ACCORDING TO PHILIP KOTLER

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3
Q

An organizational function and a set of processes for creating, communicating, delivering value for customers and for managing customer relationships in ways that benefit the organizations and its stakeholders.

A

MARKETING ACCORDING TO PHILIP KOTLER

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4
Q

The performance of business activities that directs the flow of goods and services from producer to consumer or user.

A

MARKETING ACCORDING TO PHILIP KOTLER

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5
Q

Is the study, planning, implementation and control of programs intended to form, make and preserve equally beneficial exchanges and relationships with the target markets for the reason of reaching organizational objectives.

A

Marketing management

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6
Q

the process of planning, executing, and tracking the marketing strategy of an organization.

A

Marketing management

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7
Q

This includes the marketing plan, campaigns, strategies and tactics used to create and meet the demand of target customers to drive profitability (Dickerson, 2022).

A

Marketing management

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8
Q

The group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by the law to acquire the product.

A

Market

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9
Q

The physical market where goods and services are traditionally bought and sold.

A

marketplace

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10
Q

The virtual market where transactions are conducted online

A

market space

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11
Q

Ten Types of Entities that can be Marketed

A

1.Goods

2.Services

3.Experiences

4.Events

5.Persons

6.Places

7.Properties

8.Organizations

9.Informations

10.Ideas

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12
Q

Physical goods constitute the bulk of most countries’ production and marketing effort.

A

goods

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13
Q

Include airlines, hotels, and maintenance and repair people, as well as professionals such as accountants, lawyers, engineers, and doctors.

A

services

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14
Q

By orchestrating several services and goods, one can create, stage, and market experiences.

A

Experience

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15
Q

Marketers promote time-based events, such as the Olympics, trade shows, sports events, and artistic performances.

A

events

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16
Q

Artists, musicians, CEOs, physicians, high-profile lawyers and financiers, and other professionals draw help from celebrity marketers.

A

persons

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17
Q

Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.

A

places

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18
Q

are bought and sold, and this occasions a marketing effort by real estate agents (for real estate) and investment companies and banks (for securities).

A

properties

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19
Q

Universities, museums, and performing arts organizations boost their public images to compete more successfully for audiences and funds.

A

organizations

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20
Q

actively work to build a strong, favorable image in the mind of their publics.

A

organizations

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21
Q

Among the marketers of information are schools and universities; publishers of encyclopedias, nonfiction books, and specialized magazines; makers of CDs; and Internet Websites.

A

informations

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22
Q

Every market offering has a basic idea at its core.

A

ideas

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23
Q

In essence, products and services are platforms for delivering some idea or benefit to satisfy a core need.

A

ideas

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24
Q

Companies need to get the attention of _________through marketing its goods or services.

A

customers

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25
Q

Manufacturing goods and providing services to customers entails cost.

A

finance

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26
Q

Are the ones who produce the products or render the service.

A

human resources

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27
Q

Must have marketing knowledge to attract customers.

A

human resources

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28
Q

Without marketing items produced would not sell and inventories may turn out yield less.

A

production

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29
Q

With marketing, company would be more noticeable and customers would choose to the company than the rest of its competitors.

A

competition

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30
Q

Manufacturers find it easier and dependable to make use of marketing to their advantage particularly on what to manufacture or trade.

A

decision

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31
Q

The changes in marketing go along with the fast transformation in tastes and preferences of consumers

A

idea

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32
Q

If the marketing function would not be pressured, the economy would become weak.

A

Economy

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33
Q

states of felt deprivation.

A

Human needs

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34
Q

Three types of Needs: ELI

A
  1. Existing need 2. Latent need 3. Incipient need
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35
Q

Any need of customers which is short-term and is readily obtainable is known as?

A

existing need

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36
Q

A need of a customer which is there but has not manifested itself because such a product has not been launched.

A

latent need

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37
Q

A type of need which people want but there is no product to satisfy the need.

A

incipient need

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38
Q

form of human needs influenced by culture and individual personality

A

wants

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39
Q

are the choices to gratify a particular need. Every need can be satisfied by using different options.

A

wants

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40
Q

want for particular products that are supported by the ability and willingness or readiness to buy them

A

DEMEND (WITH ACCENT KASI)

DEMAND TALAGA TE

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41
Q

types of demand: NNOLDIFOU

A

Negative Demand
No Demand
Latent Demand
Declining Demand
Irregular Demand
Full Demand
Overfull Demand
Unwholesome Demand

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42
Q

the product may be helpful but the customer does not like it.

A

Negative Demand

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43
Q

customers are unaware or uninterested in the product.

A

No Demand

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44
Q

demand which the customer realizes later. While buying the product, he/she might not want some features. Later on, he/she may reflect on those features and purchase the product.

A

Latent Demand

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45
Q

there is still a demand for the product but decreases over a period of time.

A

Declining Demand

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46
Q

demand which is not steady. These products sell occasionally and sell more during peak season while exceedingly low during non-season.

A

Irregular Demand

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47
Q

market are pleased with the products and people feel like buying from the same company.

A

Full Demand

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48
Q

occur when the companies manufacturing capacity is inadequate but the demand is above the supply.

A

Overfull Demand

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49
Q

a demand in which customers should not be using the product, yet the customers desires the product badly.

A

Unwholesome Demand

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50
Q

an overall ability of a product to gratify need and want.

A

Utility

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51
Q

It is a guiding concept to select the product.

A

Utility

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52
Q

The power of product to satisfy a particular need.

A

Utility

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53
Q

means the price of the product or the monetary value of a product.

A

Cost

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54
Q

The charges a customer has to pay to avail certain services can be said as a cost.

A

Cost

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55
Q

is the difference between the customer gains from owning a product and using a product and the cost of obtaining the product.

A

Customer Value

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56
Q

refers to what a customer wants in a product or service.

A

Desired Value

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57
Q

is the benefit that a customer believes he received from a product after it was purchased.

A

Perceived Value

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58
Q

person’s feeling of delight or displeasure as a result of comparing a products perceived performance in relation to his or her expectation.

A

Satisfaction

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59
Q

Marketing Management Tasks: COSIDERESMADEC

A

CONVERSIONAL MARKETING
SIMULATIONAL MARKETING
DEVELOPMENTAL MARKETING
REMARKETING
SYNCHROMARKETING
MAINTENANCE MARKETING
DEMARKETING
COUNTER-MARKETING

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60
Q

It is the duty is to create a plan to cause demand to rise from negative to positive and eventually equal the positive supply level

A

CONVERSIONAL MARKETING

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61
Q

No demand state of a product exists when people are indifferent to such product.

A

SIMULATIONAL MARKETING

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62
Q

Therefore, marketing must look for ways to connect the benefits of products with the people’s natural needs and interests.

A

SIMULATIONAL MARKETING

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63
Q

Process of effectively transforming latent demand into an actual demand.

A

DEVELOPMENTAL MARKETING

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64
Q

Marketer must discover the features people might be seeking later and promote them to the customer.

A

DEVELOPMENTAL MARKETING

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65
Q

A marketer’s job in this situation is to think for ways to revitalize the products so that the demand would no longer be declining.

A

REMARKETING

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66
Q

When a product’s current timing pattern of demand is marked by seasonal or volatile fluctuations the marketing tasks of synchromarketing is necessary to bring the movement of supply and demand into better synchronization.

A

SYNCHROMARKETING

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67
Q

The marketing dispute in this type of demand is to continue the same intensity of interest in the product in the company.

A

MAINTENANCE MARKETING

68
Q

reducing the demand.

A

DEMARKETING

69
Q

uses negative messages to stop people from using a product.

A

Counter-marketing

70
Q

a marketing concept that breaks down into segments the customers based on similarity.

A

market segmentation

71
Q

all consumers are treated as the same, with companies not making any specific efforts to satisfy particular groups. (Eg. rice, sugar, rice)

A

Undifferentiated Strategy

72
Q

company chooses to focus, specialize and target only one segment of the market while leaving other segments to competitors. (Eg. beauty parlor, Cebu Pacific)

A

Concentrated Strategy

73
Q

company is trying to sell two or more specific segments’ consumers that are treated in different ways.

A

Differentiated Strategy

74
Q

a company selects the whole market as one big market with no individual segments.

A

Undifferentiated Target Marketing

75
Q

is an approach in which the company selects two or more segments to go after.

A

Multiple Segment Targeting

76
Q

focuses on one or few segments or niches in a market.

A

Concentrated Targeting/Niche

77
Q

space a brand occupies in the brains of customers.

A

Positioning

78
Q

There are seven approaches in positioning strategies:

A

1.Product characteristics/Customer Benefits
2.Pricing Quality
3.Use or Application
4.Product User
5.Product Class
6.Cultural Symbol
7.Competitors

79
Q

involves an attempt to transform the consumer perceptions of a brand, generally the current position that the brand holds has turned into less attractive.

A

Repositioning

80
Q

to enhance the brand’s perceived positioned comparative to competition.

A

Stronger Competitive Position

81
Q

to produce added sales through a more appropriate offering, which must be communicated well to a different target market.

A

Enhanced Sales

82
Q

done to simplify or to modify the brand’s target market.

A

Clearer Target Market

83
Q

repositioning allows the company to communicate effectively the important benefits and the present benefits of a product.

A

Better aligned to present market needs

84
Q

products/brands will get a sound amount of media attention which will help be in touch and strengthen the product’s repositioning goals

A

Possible media attention

85
Q

means tailoring the marketing programs and products to suit the needs and wants of specific locations of specific individuals.

A

Micromarketing

86
Q

can take the form of local marketing and individual marketing.

A

Micromarketing

87
Q

is the essence of a company’s strategy. It determines what it will do differently or better than the competition to achieve its objectives.

A

competitive advantage

88
Q

Strategy intends to achieve cost leadership.

A

operational excellence

89
Q

Focus on automating manufacturing processes and work procedures to make more efficient operations and trim down cost.

A

operational excellence

90
Q

Strategy intends to make a culture that continuously brings better-quality products to market.

A

Product Leadership

91
Q

reach premium to market prices due to the experience they produce for their customers

A

Product leaders

92
Q

Strategy centers on offering a distinctive range of customer services that consents to a personalized service and customized products to meet varying customer needs.

A

Customer Intimacy

93
Q

Focus on the needs of the individual customer.

A

Customer Intimacy

94
Q

is the process that identifies an organization’s strengths, weaknesses, opportunities and threats.

A

SWOT analysis

95
Q

is a basic, analytical framework that assesses what an entity can and cannot do, for factors both internal as well as external.

A

SWOT

96
Q

The main purpose of the analysis is to add value to goods and services that would result to easy recruitment of new customers.

A

SWOT analysis

97
Q

describe what an organization excels at and separate it from the competition.

A

Strengths

98
Q

Things like strong brand, loyal customer base, strong balance sheet, and unique technology are some examples of what?

A

Strengths

99
Q

are areas where the business needs to improve to remain competitive such as high levels of debt, an inadequate supply chain, lack of capital, limited expertise, substandard service or physical location.

A

Weaknesses

100
Q

refers to favorable external factors that an organization can use to give it a competitive advantage such as market growth, lifestyle changes, resolution of current problems

A

Opportunities

101
Q

the basic ability to offer a higher degree of value in relation to competitors to promote and increase demand.

A

Opportunities

102
Q

refers to factors that have the potential to harm an organization

A

Threats

103
Q

MAJOR BENEFITS OF SWOT ANALYSIS

A

-Cost-effective
-Wide range of application
-Promotes Discussion
-Provides Visual Overview
-Offers Insight
-Integration and Synthesis
-Fosters Collaboration

104
Q

refers to the process of concentrating resources and efforts on a specific set of goals or priorities to achieve a competitive advantage or success in business.

A

Strategic focus

105
Q

It provides clear direction, optimizes the allocation of resources, and ensures that actions are aligned with long-term objectives.

A

Strategic focus

106
Q

achieving rapid growth by using the organization’s strengths and capitalizing on favorable market conditions

A

AGGRESSIVE

107
Q

reducing risk and stabilizing revenue streams by expanding into new markets, industries, or product lines.

A

DIVERSIFICATION

108
Q

reviving a struggling business by addressing operational inefficiencies, cutting costs, or reorienting the business model.

A

TURNAROUND

109
Q

protecting the company’s existing market position and assets by minimizing risks and guarding against external threats.

A

DEFENSIVE

110
Q

who developed the blue and red ocean strategy?

A

Chan Kim and Renee Mauborgne.

111
Q

referred to a market for a product where there is no competition or very less competition and there is no pricing pressure.

A

Blue Ocean Strategy

112
Q

represents all the industries in existence today—the known market space.

A

Red Ocean Strategy

113
Q

companies compete within established boundaries, often leading to intense competition.

A

Red Ocean Strategy

114
Q

the sequence of steps that a consumer will need to undergo in order to arrive at the final purchasing decision.

A

consumer buying process

115
Q

According to Philip Kotler, typical buying process involves six stages:

A

1.Problem Recognition
2.Information Search
3.Evaluation of Alternatives
4.Purchase Decision
5.Purchase
6.Post-Purchase Evaluation

116
Q

A customer must first have a problem before a purchase can happen.

A

Problem Recognition

117
Q

This step is also recognized as identification of unmet needs.

A

Problem Recognition

118
Q

On the marketer perspective, this creates an opportunity.

A

Problem Recognition

119
Q

Companies may gather information then develop marketing strategies to increase the interest of the customers.

A

Problem Recognition

120
Q

This unmet need becomes a basis or force of buying behavior.

A

Problem Recognition

121
Q

Following the problem recognition, an interested consumer will undertake

A

Information Search

122
Q

At this point, consumer will read newspaper and magazine, watch television, make a trip to a showroom or dealer, get in touch with salesperson and undertake all the feasible sources of information.

A

Information Search

123
Q

The role of marketers is to make their brands part of the consumers’ awareness set and then choice set.

A

Information Search

124
Q

Consumer would select one brand among the alternatives that for them is the best to provide the utmost satisfaction.

A

Evaluation of Alternatives

125
Q

After a consumer has gathered information about certain brands of a product, they are now ready to make evaluation.

A

Evaluation of Alternatives

126
Q

It is the role of the marketer to emphasize those advanced features of their brands. Advertisement could help marketers make good comparison of the different goods.

A

Evaluation of Alternatives

127
Q

The brand that offers maximum benefits or satisfaction in relation to price is chosen.

A

Purchase Decision

128
Q

At this stage, the customer has searched several brands; they knew the price and payment options and now prefer one as a promising brand to buy.

A

Purchase Decision

129
Q

It is essential for a marketer to provide more information about the need discovered in the first step.

A

Purchase Decision

130
Q

During this phase, the consumer must settle on the following:
1.From whom they should by
2.When to buy
3.Consumers might choose against making the purchase decision.
They may also decide that they want to purchase at some point.

A

PURCHASE

131
Q

After a purchase is completed, it is expected that the customer would evaluate whether consumer made a good decision or not.

A

Post-Purchase Evaluation

132
Q

Basically, there is no assurance of total satisfaction. A gap between the expected level of satisfaction and the actual satisfaction is normal to happen.

A

Post-Purchase Evaluation

133
Q

Hence, the succeeding behavior of the customer depends on the level of consumer’s satisfaction or dissatisfaction

A

Post-Purchase Evaluation

134
Q

composed of family members, friends, colleagues, and relatives

A

PERSONAL SOURCES

135
Q

advertising, salesperson, dealers, trade show, display, & exhibition are leading commercial sources.

A

COMMERCIAL SOURCES

136
Q

mass media such as radio, TV, newspapers, magazines, cinema, & consumer-rating agencies are some primary public sources.

A

PUBLIC SOURCES

137
Q

consist of handling, examining, testing, or using the product

A

EXPERIMENTAL SOURCES

138
Q

sometimes other persons’ attitudes are negative about the consumer’s preferred brand. The consumer may be affected with these negative attitudes and comply with them.

A

ATTITUDES OF OTHERS

139
Q

increase in price, unemployment, income of the household, big medical expenses, & unavailability of the most favored brands & other comparable unexpected situation.

A

UNANTICIPATED SITUATIONAL FACTORS

140
Q

some bases of perceives risk could be on price, quality doubt, entrance of a new better-quality product and the customer self-confidence

A

CONSUMER’S PERCEIVED RISK

141
Q

consists of all the organizations that obtain goods and services used in the production of other products that are sold, rented or supplied to others.

A

business market

142
Q

consists mainly of companies making business in durable goods such as machinery, materials, chemicals, vehicles, office furniture and supplies. The buyers are often manufacturers and the resellers are known as suppliers.

A

INDUSTRIAL MARKET

143
Q

purchased products and retrade them to their customers for the intention of making profit.

A

resale markets

144
Q

also known as wholesalers do not change the products they procure.

A

resale markets

145
Q

a key buyer of goods and services. They normally need supplies to propose bids and usually they grant the contract to the lowest bidder.

A

GOVERNMENT MARKET

146
Q

includes schools, hospitals, nursing homes, and other institutions that must be supplied with goods and services to people in their care.

A

INSTITUTIONAL MARKET

147
Q

the prior routine order is made by the business buyer without any adjustments. Simply rebuys same product from the same supplier.

A

straight rebuy

148
Q

in this situation, business market wants to change its order in some specification of product, its price or terms and so on.

A

modified rebuy

149
Q

when a business buys an exact product for the first time, this case is called new task buying. The purchase is done for the first time with no purchasing experience

A

new task

150
Q

quite different from the consumer buying process because this involved in different sets of characteristics and demands.

A

Business buying process (BBP)

151
Q

The BBP is split into eight stages:

A

1.Problem Recognition
2.Description of General Need
3.Specification of the Product
4.Search of Supplier
5.Proposal Solicitation
6.Selection of Supplier
7.Order-Routine Specification
8.Performance Review

152
Q

In this stage, the organization that is involved in the business buying process organizes a comprehensive list of the technical specifications of the preferred product through value analysis carried out by the engineering team.

A

Specification of the Product

153
Q

The buying organization looks for the suppliers to buy with the best one.

A

Search of Supplier

154
Q

A list of competitive competitive businesses is readied by the buying organization with the use of supplier directories and aid of internet.

A

Search of Supplier

155
Q

The internet is more and more becoming a platform for such searching these days as the majority of the organizations are entering into virtual world.

A

Search of Supplier

156
Q

In this stage, the suppliers are asked to submit their proposals.

A

Proposal Solicitation

157
Q

Some suppliers send only their salesperson or simple catalogs.

A

Proposal Solicitation

158
Q

It is important that a supplier is known to the buyer, and it can do so by maintaining relationships with the buyer even when later is not buying.

A

Proposal Solicitation

159
Q

At this stage, the final supplier is chosen from the list of possible suppliers who have submitted their proposals to the buying organizations.

A

Selection Of Supplier

160
Q

Attributes that serve as basis for selection of potential supplier:

A

1.Quality of Product
2.Delivery Time
3.Ethical Corporate Behavior
4.Reasonable Price
5.Honest Communication
6.Past Performance & Reputation
7.Repair and Maintenance Services

161
Q

It contains the order having a final list of the specifications, the selected supplier, delivery time, quantity required, price, repair and maintenance services.

A

Order-Routine Supplier

162
Q

Details of payment and delivery are important.

A

Order-Routine Supplier

163
Q

This is conducted by the purchasing department.

A

Order-Routine Supplier

164
Q

This is the last stage of the business buying process

A

Performance Review

165
Q

The performance of the supplier is reviewed by the buying organizations.

A

Performance Review

166
Q

It helps in future decision of the business buying process in the form of straight rebuy, modified rebuy or new task buying.

A

Performance Review