In most countries, ________ are the major buyers of goods and services. They typically require suppliers to submit bids and often award the contract to the lowest bidder.

In most countries, ________ are the major buyers of goods and services. They typically require suppliers to submit bids and often award the contract to the lowest bidder.

A) consumer packaged-goods companies
B) government organizations
C) health services vendors
D) educational institutions
E) households


Answer: B

The ________ market consists of schools, hospitals, nursing homes, prisons, and other institutions that must provide goods and services to people in their care.

The ________ market consists of schools, hospitals, nursing homes, prisons, and other institutions that must provide goods and services to people in their care.

A) vertical
B) nonprofit
C) spot
D) secondary business
E) institutional


Answer: E

The type of buyer-supplier relationship in which buyers and sellers make many relationship-specific adaptations, but without necessarily achieving strong trust or cooperation is termed as ________.

The type of buyer-supplier relationship in which buyers and sellers make many relationship-specific adaptations, but without necessarily achieving strong trust or cooperation is termed as ________.

A) customer is king
B) mutually adaptive
C) collaborative
D) contractual transaction
E) customer supply


Answer: B

In the ________ category of buyer-supplier relationship, although bonded by a close, cooperative relationship, the seller adapts to meet the customer's needs without expecting much adaptation or change on the part of the customer in exchange.

In the ________ category of buyer-supplier relationship, although bonded by a close, cooperative relationship, the seller adapts to meet the customer's needs without expecting much adaptation or change on the part of the customer in exchange.

A) contractual transaction
B) cooperative system
C) collaborative
D) mutually adaptive
E) customer is king


Answer: E

The relationship between a company and its office supplies vendor where competition rather than cooperation is the dominant form of governance is probably best described as ________.

The relationship between a company and its office supplies vendor where competition rather than cooperation is the dominant form of governance is probably best described as ________.

A) basic buying and selling
B) contractual transaction
C) collaborative
D) customer supply
E) customer is king


Answer: D

Value Central has a partnership of high trust and commitment with certain suppliers and gives them access to its sophisticated and detailed daily, individual store-based sales data. In exchange, those suppliers are responsible for managing Value Central's inventory of their products. This relationship is best described as ________.

Value Central has a partnership of high trust and commitment with certain suppliers and gives them access to its sophisticated and detailed daily, individual store-based sales data. In exchange, those suppliers are responsible for managing Value Central's inventory of their products. This relationship is best described as ________. 

A) basic buying and selling
B) contractual transaction
C) collaborative
D) customer supply
E) customer is king


Answer: C