Question 1. What are the four major types of business markets, and what are the ch

1. What are the four major types of business markets, and what are the characteristics of each?
2. Discuss the differences between business and consumer transactions.
3. What are some of the major concerns of business customers in making purchase decisions?
4. What factors affect the purchase method that business customers choose?
5. Compare and contrast the three major types of purchases made by business customers.
6. Discuss how demand for business products differs from demand for consumer products.
7. What is derived demand?
8. Explain how purchase decisions for business products may be influenced by persons in a
buying center.
9. Draw and label the framework that represents the business buying decision process and the
factors that influence it.
10. In what ways do environmental factors affect the business buying decision process?
11. How do a firm’s objectives affect the business buying decision process?
12. Discuss how interpersonal factors influence the business buying decision process.
13. How do individual factors affect the business buying decision process?
14. Compare and contrast the consumer buying decision process and the business buying
decision process.
15. In what ways can an industrial classification system be used by business marketers to
analyze target markets?
16. What are the major advantages of the North American Industry Classification System (NAICS)
compared to the Standard Industrial Classification (SIC) system?
17. A(n) _____ market consists of individuals or groups that purchase products for resale, use in
production, or daily operations.
18. The three purposes for which individuals or groups can use products in order for it to be
considered a business market are
a) use in daily operations, end consumption, and resale.
b) direct use in producing other products, company travel, and end consumption.
c) resale, use in daily operations, and direct use in producing other products.
d) governmental, institutional, and reseller purposes.
e) making other products, selling to other businesses, making component parts.
19. In business markets, individuals or groups purchase products for one of three purposes.
These purposes are
a) resale, wholesale, and direct use.
b) wholesale, direct use, and use in producing other products.
c) resale, wholesale, and use in producing other products.
d) resale, direct use in producing other products, and use in general daily operations.
e) use in general daily operations, wholesale, and resale.
20. When Hunter Ceiling Fans buys electrical wire for use in producing its ceiling fans, Hunter is
part of what type of market for electrical wire?
a) Resale
b) Wholesale
c) Customer
d) Consumer
e) Business
21. Business markets are typically divided into four categories. These categories are
a) retailers, wholesalers, services, and nonprofit firms.
b) producer, manufacturer, reseller, and government.
c) producer, reseller, government, and institutional.
d) manufacturer, wholesaler, retailer, and services.
e) reseller, retailer, government, and institutional.
22. Individuals and business organizations that purchase products for the purpose of making a
profit either by using the products to produce other products or by using them in their operations
are classified as ___________ markets.

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