term business markets refers only to producer markets.

121. T F The term business markets refers only to producer markets.
122. T F An example of a business market would be farmers.
123. T F Grocery stores and supermarkets are a part of producer markets.
124. T F Reseller markets consist of intermediaries that buy finished goods and resell them for
profit.
125. T F Wholesalers sell primarily to ultimate consumers.
126. T F There is little or no difference between wholesalers’ customers and retailers’
customers.
127. T F Retailers purchase products and resell them to final consumers.
128. T F The increase in government purchases has resulted partly from the increase in the
number of services provided by the government.
129. T F Government markets, although complicated in their requirements, can be very
lucrative.
130. T F Institutional markets include state prisons.
131. T F Orders placed by business customers are usually smaller and more numerous than
consumer sales.
132. T F It is customary for contracts for raw materials and components to be negotiated
semiannually.
133. T F Reciprocal dealing is widespread because it is one of the few avenues not regulated
by the FTC, and it facilitates optimal purchases.
134. T F Ultimate consumers are generally more rational than business customers.
135. T F Business customers generally seek to obtain detailed information about a product
before purchasing it.
136. T F Business customers are forced to satisfy personal goals in pursuits that lie outside
their jobs.
137. T F Business purchasing agents may indirectly contribute to the satisfaction of their own
personal needs by helping their firms achieve organizational objectives.
138. T F When purchasing products, business customers are especially concerned about
quality, service, price, and supplier relationships.
139. T F One very important consideration for business purchases is the type of packaging
used.
140. T F Price is of concern to a business marketer primarily because of its psychological
impact on purchasing agents.
141. T F If a business product exceeds specifications, so much the better; the customer can
then be assured of obtaining a minimum level of acceptability.
142. T F In some cases, the types of services offered by a supplier may constitute a primary
advantage over suppliers of similar products.
143. T F On-time delivery is crucial to a business customer, since a late delivery may hold up a
production line or cause the firm to lose sales.
144. T F Inspection refers to a purchasing method in which a representative unit is taken from
a lot and evaluated, and the buying decision is based on the conclusions.
145. T F A new-task purchase is one in which the business makes an initial purchase of a new
item.
146. T F Of the three types of business purchases, the straight rebuy purchase usually requires
the most information.
147. T F Industrial demand derives from consumer demand.
148. T F In the long run, business demand becomes totally unrelated to consumer demand.
149. T F The demand for many business products is inelastic at the industry level.
150. T F For business products, the concept of inelasticity of demand applies equally to
industry demand for the product and to demand for an individual supplier

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