Figure 5-4 -Figure 5-4 Shows the Three Buy Classes Encountered by Organizational

question 23

Multiple Choice

Figure 5-4
-Figure 5-4 shows the three buy classes encountered by organizational buyers. B is referred to as a

• A) modified rebuy.
• B) straight rebuy.
• C) new buy.
• D) standard reorder.
• E) typical buy.

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Definitions:

Marketing Mix

The set of controllable tactical marketing tools—product, price, place, and promotion—that a company uses to produce a desired response from its target market.

Right Price

The optimal price point for a product or service that reflects its value to the customer while allowing a business to make a reasonable profit.

Price Elastic

Describes a situation where the demand for a product changes significantly in response to a change in the product's price.

Price Inelastic

A situation where the demand for a product does not change significantly in response to price changes.