Which are NOT steps in the formal business-to-business buying process? – product specification – post-purchase evaluation – RFP process – Need recognition – Commercialization

– Post-purchase evaluation – Commercialization More test answers on https://studyhippo.com/marketing-340-chapter-7-business-to-business-marketing/

Which of the following statements comparing the consumer buying process to the business buying process is TRUE?

Both businesses and consumers solve problems using a five-step process. More test answers on https://studyhippo.com/marketing-2-test-answers/

The business-to-business buying process is initiated by which of the following steps?

Need recognition More test answers on https://studyhippo.com/mkt-340-ch-7-43793/

In this stage of the business-to-business buying process, firms are likely to narrow their selection to a few suppliers, often those with which they have existing relationships, and discuss key terms of the sale.

Proposal analysis, vendor negotiation, selection More test answers on https://studyhippo.com/mkt-340-ch-7-43793/

In this stage of the business-to-business buying process, firms are likely to narrow their selection to a few suppliers, often those with which they have existing relationships, and discuss key terms of the sale. A) The RFP process B) Vendor specification C) Product specification D) Vendor performance assessment E) Proposal analysis and supplier selection

E) Proposal analysis and supplier selection More test answers on https://studyhippo.com/marketing-200-chapter-7-quiz/

When reviewing her firm’s business buying process, Carla noticed a company requirement that it must have at least three qualified bids from suppliers for any purchase over $50,000. This requirement is designed to Select one: a. minimize competitive pressure. b. efficiently organize resellers. c. slow down the purchase process. d. encourage the bidders to offer their best terms. e. foster democratic buying centers.

d. encourage the bidders to offer their best terms. More test answers on https://studyhippo.com/chapter-7-b2b-marketing/

The business-to-business buying process is initiated by which of the following steps? A) The RFP process B) Need recognition C) Proposal analysis D) Product specification E) Vendor performance assessment

B) Need recognition More test answers on https://studyhippo.com/marketing-200-chapter-7-quiz/

What is the business to business buying process?

need, product, RFP process, proposal, order, vendor performance. More test answers on https://studyhippo.com/marketing-ch-7-business-to-business-marketing/

What is the final stage in the business-to-business buying process?

Vendor performance assessment More test answers on https://studyhippo.com/mkt-340-ch-7-43793/

What is the final stage in the business-to-business buying process? A) RFP process B) Vendor performance assessment C) Order specification D) Need recognition E) Proposal analysis and supplier selection

B) Vendor performance assessment More test answers on https://studyhippo.com/marketing-200-chapter-7-quiz/

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Business Buying Process Flashcards, test questions and answers

Discover flashcards, test exam answers, and assignments to help you learn more about Business Buying Process and other subjects. Don’t miss the chance to use them for more effective college education. Use our database of questions and answers on Business Buying Process and get quick solutions for your test.

What is Business Buying Process?

Business buying process refers to the steps taken by a business when it is looking to purchase goods or services. The process can vary in complexity depending on the size and nature of the purchase, but typically involves researching potential suppliers, negotiating terms, securing financing and finalizing the purchase. This process helps to ensure that businesses are getting the best possible value for their money when making a purchase.The first step in the business buying process is researching potential suppliers. This involves gathering information about different providers and evaluating them on criteria such as price, quality and delivery times. Businesses should also consider factors such as customer service and after-sales support when making their decision. Once an appropriate supplier has been identified, businesses can begin negotiating terms of sale with them. During this stage it is important to ensure that all conditions are clearly outlined so there is no confusion later on down the line.Once terms have been agreed upon, businesses often need to secure financing for their purchase. This may involve taking out a loan or using another form of funding such as venture capital or an investor’s cash injection into the company’s operations. The amount borrowed will depend upon several factors including what type of goods or services are being purchased and how much money is available from other sources such as savings accounts or investments already made by the business owner(s). Finally, businesses must complete all paperwork needed for finalizing their purchases before they can take possession of their goods or services. This may include signing contracts with vendors, filling out tax forms and arranging payment schedules with lenders if applicable. Once these steps have been completed successfully then businesses are ready to enjoy any benefits associated with having made these purchases for their own operations (e.g., increased profits due to lower operational costs). The business buying process can be complex but following these steps can help ensure that businesses get maximum value from each of their purchases while also protecting themselves legally in case anything goes wrong down the line with a particular supplier/vendor relationship. By going through this process thoroughly each time they make a major purchase decision companies will be better prepared for success both now and in future years too.