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Definition: Bill of materials

Example: This means that the sales budget have to be connected to the bill of materials (BOM) data of all the machine models.

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Definition: Sum of all benefits that an offering provides to a customer.

Example: When the offering provides benefits to the customer, it also create value. Customer value, therefore, is one of key concepts in B2B markets.

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B2B market require:

-Technical know-how needed

-Group of professionals participate (several buying influences), many group/person can involve such as production, finance, purchasing.

-Rational/task oriented motives (supposed to) dominate.

-Phases of the decision-making process identifiable. Companies have often defined explicitly how a purchase decision has to made and what the phases or stages within this process are.

-Role of demos, the role of demonstrations is increasing.

-Stable long-term relationships. B2B customers tend to favor long-term relationships with their suppliers.

-Personal relationships.

-Reciprocity, this mean that if a customer buys something from a supplier, the supplier should also buy something from customer.

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These factor impact the sales process and distribution of B2B:

-Shorter distribution channel.

-Role of Internet increasing. Traditional B2B manufactures increasingly offer customer experiences to end-users on their own web pages and webs shop. Customers and suppliers can find more information about products and customers and they can do more tasks through internet.

-Personal selling, trade fair, seminars. B2B doesn't like advertising in TV,... they prefer personal sales, trade fairs and seminars-what used to be main ways to build new contacts within the industry and find potential customers.

-Competing quotations and long price negotiations for large deal. in B2B, the large deals, the negotiation process can be very long. And the price is also impacted by various technical aspects and thus the physical offering in iterated in order to take into account customers prferences.

-List prices for standard product

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Market segmentation refers to process of dividing a market with different types of customers into more homogenous submarkets base geography, customer size, buying behavior, customer capabilities, and application or industry.

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Company also consider how to price the offering, how to deliver it to the customers and how to promote it when making decision on what to market and to whom. This entire package is know as the marketing mix.

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4Ps: product, price, place, promotion

4Cs: client, costs, communications and convenience

The traditional 4Ps is rather product-centric has been replaced by more customer-oriented 4Cs, focus more to customers.

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Positioning means that a company can analyze the "position" of the offering compare to other offerings on the market.

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In B2B process we follow these steps:

-Identify prospects

-Pre-approach

-Approach

-Present and demonstrate

-Close

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The first step in B2B process is identify prospects or leads (potential customers) and qualify them. There are different ways to identify prospects:

-Inbound sales: Engaging in speaking and writing to attract interested customers.

-Data sources: find information from different data sources such as online trade magazines.

-Trade shows: Participation in trade shows

-References from business partners

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Pre-approach is the process get to know the potential customers.

When potential customers have been found, company need to be analyzed to identify the ones with best potential, reduce the "long list" of potential prospects to "short list".

Company can use personal networks, find information about current customers status-current suppliers, ability to invest and change supplier- to pre-approach that is potential customer or not.

In pre-approach process company should see whether the customers can finance their purchase or not, and identify who to contact.

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After salespersons has analyzed the prospect and figured out how to approach a company and who to contact, it is time to approach the customer. Today it can be done by phone or email to saving customer times and it so easy(reduce time to make appointment, time to go to customer office, find parking time,...).

Call to customer without pre-approach is called cold calling and call customer-who visited the company website or have approach is called hot leads. Hot leads is efficiently to got customer than cold calling, but it belong company size or industry

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It starts with the potential customer giving short presentation of their company and the vendor presenting their offering.

Company need to be listen customer need, listening is important to understand the logic of the customer's business. Listen to the needs of the customer and react to them by focusing on feature.

Prepare an agenda and follow this during meeting could make successful meeting.

Communicating benefits not features, overcoming objections and answering the questions

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Closing is the most important part of the sales process, especially from the perspective of the salesperson; without any closed deal, there will be no deals at all.

After successful closing both parties have agreed that a deal will be made, with the price and other key aspects agreed.