I. Instruction: In the space provided before the statement, write F if the statement is correct or T if the statement is incorrect. If you are selling stationery, for instance, you will probably only sell one notebook to each individual retail customer. Salespeople tend to be a valuable resource when dealing with organizational clients. Suppliers and buyers me m locate at the same area to minimize transport. coordination, and other logistical costs. Demand can be unpredictable and inconsistent because your sales will depend on the particular industries' performances. 5. Inelasticity refers to a relative insensitivity of the sales of your product to any increase or decrease in its price. Smart suppliers seek to "lock" their markets to their products. The firm's specifications have changed from the last time, necessitating a new round of searching. 8. Suppliers who have some brand recognition will have an advantage over the others, especially if the buyer is not equipped to assess technical differences among the products. Gatekeepers are people with authority or power to limit or filter the information that penetrates the organization. 10 General Need Description is the start of a formal buying process where forms are filled out that justify the need for the purchase. 11 Order-Routine Specification will be a recurring purchase, then it is possible that this will become a long-term and therefore, routine transaction. 12 Supplier Selection is formal selection process is consummated based on pre- established guidelines, leading to the determination of the supplying enterprise, 13 Switching costs are the costs that will be incurred by a buyer if it decides to switch to a different supplier. 14 Points of Difference or PODs refer to attributes or benefits that the market associates primarily with a particular brand, to the point that the market believes that no other brands offer these attributes or benefits to the same degree as that brand. 15 Points of Parity or POPs, are market expectations about what products in a particular product category should be or should have. 16. Packaging can in fact be an opportunity for creating points of difference especially in highly competitive product categories where the actual product itself has minimal differentiation. 17. Category membership involves properly defining what category your product belongs to. 18. Marketing practitioner make you use of something called a perception map or positioning map. 19. Advertising has always been the business model for much of print, radio, and television enterprises. 20 Rent or lease. works best when dealing with established businesses because long- term relationships can be built. 21. Plans rarely come to fruition exactly as conceptualized but this is not a reason to not plan everything out. 22. Least cost is strategy involves producing goods or services at the least possible cost, and then passing these to consumers through low-priced, affordable products. 23 Differentiation is strategy involves a lot of brand-building, with an effort to get the market to associate the brand with particular benefits that, hopefully, will be distinctly associated with the brand. 24 A niche strategist is one that focuses on the need of a very specific target market, usually a market that is small enough or specialized enough that it requires particular expertise. 25. There is a greater variability in the inputs and the outputs of a service. 26. The customer is typically an active participant in the production of the service. 27. The product experience is typically a composite of a number of factors. 28. Time is a significant factor for assessing service quality. 29. Banks may do their best in making the service experience as excellent as possible inside their premises