A Group That Has the Willingness, Ability, and Authority to Buy

question 48

Multiple Choice

A group that has the willingness, ability, and authority to buy a product is a

• A) market.
• B) consumer.
• C) strategic business unit.
• D) business customer.
• E) strategic window.

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Definitions:

Bilateral Contract

A bilateral contract is a mutually binding agreement in which each party makes a promise to the other, such as a promise to perform a service in exchange for payment.

Illusory Promise

Describes a statement or agreement that appears to be a promise but is too vague or has terms that allow the promisor to avoid any real obligation.

Consideration

Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Student Debt

Loans accumulated through financing higher education, often a significant financial burden for graduates.