Which Statement Best Characterizes the Difference Between Consumer Buyer Needs

question 40

Multiple Choice

Which statement best characterizes the difference between consumer buyer needs and business buyer needs?

• A) Consumer buyer needs are primarily situational in nature and, unlike business buyer needs, cannot be predicted with any degree of accuracy.
• B) While both consumer and business buyers are influenced by the same needs, the business buyer must also satisfy the needs and requirements of the organization.
• C) Business buyer needs are primarily functional in nature and therefore simpler to understand than consumer buyer needs.
• D) Psychological needs rarely influence business buyers while consumers focus primarily on them.

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Definitions:

Damages

Compensation claimed or awarded in court for a loss or injury as a result of breach of contract or tort.

Entry Restrictions

Regulations or barriers that prevent new competitors from easily entering an industry or area of business.

Revenue Function

A mathematical relationship describing how a firm’s total revenue changes with variations in output or sales.

Total Profits

The entirety of financial gains earned by a business after subtracting all costs and expenses from total revenues.