All Free Management Sciences MCQs with Answers
Every Management Sciences question in the bank, across all chapters, each with the correct answer and a written explanation. Free and unlimited, with no account needed.
3,770 questions · page 144 of 189
- A. initiators
- B. users
- C. influencers
- D. providers
Explanation: Initiators are the people who first recognize or request the need for a purchase.
Correct answer: initiators- A. small buying
- B. procedure buying
- C. organizational buying
- D. large buying
Explanation: Organizational buying is the process by which an organization identifies its needs and selects, evaluates, and purchases products or…
Correct answer: organizational buying2863. The markets in which participants directly exchange goods or services are classified as________?
- A. public markets
- B. barter markets
- C. buying markets
- D. private alliances
Explanation: In a barter market, participants exchange goods or services directly without using money as the primary medium of exchange.
Correct answer: barter markets- A. deciders
- B. selectors
- C. evaluators
- D. providers
Explanation: Deciders have the authority to choose the supplier and establish or approve the product requirements.
Correct answer: deciders- A. initiators
- B. users
- C. influencers
- D. providers
Explanation: Technical personnel usually serve as influencers because they define specifications, provide expert advice, and affect the supplier…
Correct answer: influencers- A. awareness
- B. evaluation
- C. trial and adoption
- D. all of the above
Explanation: A new-task purchase commonly develops through awareness, evaluation, trial, and eventual adoption.
Correct answer: all of the above- A. inelastic demand
- B. elastic demand
- C. inelastic price
- D. elastic price
Explanation: Inelastic demand changes little when price changes, although perfectly inelastic demand is the extreme case in which quantity demanded…
Correct answer: inelastic demand- A. straight rebuy
- B. straight buy
- C. new rebuy
- D. modified rebuy
Explanation: As an organization gains experience with a product and supplier, a new-buy situation often becomes a routine straight rebuy.
Correct answer: straight rebuy- A. systems buying
- B. management supplies
- C. systems contracting
- D. system selling
Explanation: Systems contracting occurs when one supplier provides the buyer with a complete package of related requirements.
Correct answer: systems contracting- A. straight rebuy
- B. new task
- C. modified rebuy
- D. all of the above
Explanation: Business buying situations are commonly classified as straight rebuy, modified rebuy, and new task.
Correct answer: all of the above2871. The individuals who have formal authority in selection of supplier's are classified as________?
- A. approvers
- B. deciders
- C. buyers
- D. evaluators
Explanation: Buyers have formal authority to select suppliers and negotiate purchase terms in the organizational buying centre.
Correct answer: buyers- A. product components
- B. supplier selection
- C. buyer selection
- D. trial suppliers
Explanation: Engineering personnel usually influence technical requirements, specifications, and the choice of product components.
Correct answer: product components2873. The companies join together to gain more discounts on volume purchases are classified as________?
- A. barter alliances
- B. buying markets
- C. buying alliances
- D. private exchanges
Explanation: A buying alliance is formed when organizations combine their purchasing volume to obtain quantity discounts or stronger bargaining power.
Correct answer: buying alliances- A. approvers
- B. gatekeepers
- C. evaluators
- D. initiators
Explanation: Gatekeepers control the flow of information and access to members of the buying centre, including deciders and approvers.
Correct answer: gatekeepers- A. vendor managed inventory
- B. replenishment programs
- C. continuous programs
- D. inventory management
Explanation: In vendor-managed inventory, the supplier monitors the customer's stock and assumes responsibility for replenishing it.
Correct answer: vendor managed inventory- A. organization market
- B. large markets
- C. large buying
- D. business market
Explanation: Agriculture, fisheries, construction, and transportation are examples of industries that make up the business market.
Correct answer: business market- A. Four categories
- B. Five categories
- C. Seven categories
- D. Eight categories
Explanation: Business supplier-buyer relationships are commonly described through eight categories, ranging from basic buying and selling to close…
Correct answer: Eight categories- A. few and small buyers
- B. few and large buyers
- C. more and small buyers
- D. more and large buyers
Explanation: Business markets usually have fewer buyers than consumer markets, but each buyer purchases in much larger quantities.
Correct answer: few and large buyers- A. organizational buying
- B. large buying
- C. small buying
- D. procedure buying
Explanation: Organizational buying is the formal process through which an organization identifies its needs, evaluates suppliers, and purchases…
Correct answer: organizational buying2880. The buying mode in which the buyer changes product prices and requirements is classified as________?
- A. modified rebuy
- B. modified buy
- C. modified buyers
- D. modified task
Explanation: A modified rebuy occurs when an existing organizational buyer changes specifications, prices, delivery terms, or other requirements.
Correct answer: modified rebuy