product: Business to Business Flashcards
who are business to business products purchased by
individuals and organisations for use in the production of other products or for use in their daily business operations
examples of business to business products
- parts and materials
- equipment
- services and supplies
parts and materials inclusions
- raw materials
2. components
raw materials
unprocessed natural materials that are used in the production process to form parrt of the business’s products
components
processed ittems that form part of a business’s product
equipment
business to obusiness products that are used in the production of the business’s products
capital equipment
installations such as buildings and machinery
accessory equipment
smaller items that support the production of a process but do not form part of the product
services and supplies
business to business products that are essential to operations but do not directly form part of the production process
services and supplies examples
- business services
2. maintnence
business services
speciialised services which support the company’s operations
product life cycle stages
- new product development
- introduction
- grwoth
- maturity
- decline
when does new product development occur
when the organisatitoon develps the idea, does research, and prepares prototypes to ttest the product
new product development stages
- idea generation
- screening
- concept evaluattion
- marketitng strategy
- business analysis
- product development
- test marketing
- commercialisation
idea generation
when ideas for new products are generated
screening
when organisation undertakes a process to eliminate ideas that are not feasible
what does screening involve
analysing the organisations ability to produce the product, the target markets interest, the market size, product cost and breka even point
concept evaluation
when ideas are developed into a product concept that customers, managers and stakeholders can evaluate
marketing strategy process
when management descrribes the projected sales, market positioning, potential markweting
product adaption process
the sequential process of awareness, interest,k evaluation, trial and adoption tthrough which a consumer decides to puchase a new product
catagories of product adaptors
- innovators
- early adoptors
- early majority
- late majority
- laggards
innovators
first adopters of new products and are adventurous and willing to take rrisks
early adopters
likely to carefully choose new products and are opinion leaders
early majority
moore deliveratte in thteir choice of a new product and avoid taking risks
