1. Read the scenario below, and answer the related question that follows the scenario.Scenario: You are the senior sales and marketing analyst for your company and one of your key responsibilities is to monitor the broader economic environment that your company operates in. The sales management team depends on you to alert them to changes in the environment that might lead toa decline in the firm’s sales performance.Most recently, you notice that consumer spending has declined for three consecutive months.Your company sells its two main products to producers in the business market. The two products are used together to produce a product for the consumer market.Based on this information, fill in the blanks in the following passages using one or more of the terms provided in the drop-down menu.Since the decline in consumer spending reflects a decline in consumer demand, we can expect business demand to --. This is so because its demand is --.We can also expect both of the firm’s products to be impacted by this trend because the nature of those products’ demand is --.2. Select the correct business market type from the drop-down menu that best fits each description.Organizations’ goals are charitable, educational, or other non-business related.Goods and services are purchased for internal use and for the benefit of the organizations’ constituencies.Organizations in this market consider suppliers’ ability to provide adequate quantities when and where wanted. These organizations do not change the physical characteristics of the product. .Agriculture, transportation, mining are examples of this type of market. .Complex buying procedures are in place for public accountability reasons.3. Fill in the blank with the appropriate word that best fits in the statement.Relative to consumer purchases, business transactions tend to be --.When two organizations agree to buy from each other, they are engaging in --.A business customer views price as the amount of investment necessary to obtain a certain level of --.When an organization makes an initial purchase of an item to be used to perform a new job or solve a new problem, it is making a --.Inelastic demand is a demand -- altered by a price increase or decrease.4. Match the business buying decision process concepts with the appropriate descriptions.5. You are a senior sales and marketing analyst at a major electronic manufacturing firm in the southeastern United States. The company's board of directors is considering a number of strategies for accelerating the growth of the business by expanding the suite of products and services the company offers. One strategy that is getting a lot of attention is one wherein the company would become a reseller for products and services from non-competing firms. You have been asked to explore this strategy in more detail to see what factors are most important in the success of a strategy like this.Based on this information, select each of the statements listed in the table below that represents akey factor that you would seriously consider in determining how much product you would purchase from this non-competing firm to resell to your customers.It would be important for you to play a role in developing the marketing strategy for the non-competing firm. Access to technical assistance and training programs on the firm's products would be very important to you.It would be important for you to know the backgrounds and experiences of the key executives on the non-competing firm's management team. It would be important to be able to accurately determine the demand for the non-competing firm's products that you would resell. It would be important for you to know what kind of compensation packages the sales representatives working for the firm have.6. You are leading a brainstorming session of your marketing team with the objective of developing an effective marketing strategy for a target market of business customers your firm is planning to pursue.You and your team are very skilled at developing strategies for the consumer market, but all the research you have done so far suggests the business customer is very different. You must accountfor the differences in your marketing strategy.Which of the following statements is true about business customers and their primary concerns with respect to marketing-related considerations?Business customers are not as concerned about service as consumers are.Business customers are not concerned about developing relationships with their suppliers.Price is very important to business customers.Business customers are willing to accept a product that comes close to but does not fully meet their specifications as long as the price is right. Product quality is not a significant concern for business customers if the price is a bargain.7. For a number of years, your company has competed successfully in winning deals in the business market in instances where the business client was considering a number of potential vendors.However, in recent years, you been less and less successful in these situations. So, you and your team decided to go back to the drawing board and evaluate what you must do in order to regain your competitive edge in this area.Based on this information, which of the statements listed accurately describes an aspect of the business buying decision process you must adhere to in order to be successful with these customers? Select all that apply.In the fourth stage of the process, the business customer will select the product to be purchased. To be successful in this stage, you must make sure the customer understands that you do not engage in multiple sourcing. In the third stage of the process, the business customer performs a value analysis. To be successful, you must make sure that your product is solid on all evaluation components including quality, design and materials. In the fifth stage, the customer will evaluate supplier performance and product quality against specifications. Since this occurs after the sale has been made in the fourth stage it is not very important. In the third stage, the customer will eliminate some vendors because they are deemed to not be socially responsible. To be successful, your firm must be sure to conduct all its business activities in a socially responsible manner.In the third stage, the customer will eliminate some vendors because they have poor delivery and service records. To be successful, your firm must ensure that it