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Quotation

-quote, offer
-B2B markets have competing quotations and long negotiation  processes.

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Negotiation

-Discussion e.g. terms of agreement.
-For large  deals, the negotiation process  can be very long.

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Distribution channel

-Network of intermediaries involved into process of getting a product from the manufacturer to customer
- there are even more possibilities for designing the distribution  channel, depending on what is considered the most optimal way, taking into  account the needs of both the manufacturer and its end users

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Reciprocity

- social/psychological principle that involves responding to actions, e.g. when customer buys something from the supplier, the supplier should also buy something from the customer.
-  Despite the irony in the figure, business people often ask their suppliers to buy something from them whenever possible, resulting in reciprocity.

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BOM

- Bill of materials is a comprehensive list of components, parts, materials, and sub-assemblies required to manufacture or build a product.
- Kit manufacturing also sets high requirements for the information flow on the shop floor, to ensure that a kit really  contains all the hoses defined in the order/bill of materials (BOM).

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Closing the sale

- refers to the final step or action taken by a salesperson to convince a potential customer to make a purchase.

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Ratio

- Quantative metrics used to assess a company's financial health, performance and efficiency.
- Figure shows the financial statements and key ratios of  the second potential customer.

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ROA

-Return on Assets. It is a financial ratio that measures a company's profitability in relation to its total assets.
- The customer has a great profit margin and ROA, they have enough current  assets to cover current liabilities, and their equity ratio is at a healthy level.

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Profit margin

-financial metric that measures the profitability of a company or a specific product or service. It represents the percentage of revenue or sales that a company retains as profit after deducting all expenses, including production costs, operating expenses, taxes, and interest.
- However, even though the profit margin of a  large customer may not be that good, the large volume then  results in a good profit in terms of euros, which is also worth  keeping in mind.

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OEM, Original equipment manufacturer

- Term used to describe a company that designs and manufactures products or components that are used as part of another company's end product.
- When they supply millions of components to an automotive plant,  they negotiate directly with the original equipment manufacturer (OEM).

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Pre-approach

- Phase that occurs before a salesperson makes direct contact with a potential customer or prospect.
- Pre-approach means that the "long list" of potential prospects is reduced to the "short list", comprising only the companies that the salespeople should contact.

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Inbound sales

- sales approach that focuses on attracting and engaging potential customers through valuable and relevant content and interactions, rather than relying heavily on traditional outbound sales tactics like cold calling and unsolicited emails.
- The background analysis is more or less the same regardless of whether the potential customer has been found through market research or inbound sales.

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Lead

- Potential customer or prospect who has shown interest in a company's products or services.
- The personal networks of existing business partners may become very valuable ways to find new leads.

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Prospect

- Potential customer or client who has been identified as a potential lead or sales opportunity.
- The first step in the sales process is to identify prospects or leads and qualify them.

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B2C

- Business to consumers. Commercial transactions and interactions between business and consumers.
- ...compared to B2C markets.

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Purchasing behavior

- Refers to the process and patterns by which individuals or organizations make decisions to acquire products or services.
- The differences in market structure and product charasteristics result in some interesting differences between B2C and B2B markets regarding purchasing behavior and decision-makin process.

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CRM

- Customer relationship management. Process used by businesses to manage and analyze interactions and relationships with customers and potential customers throughout the entire customer lifecycle.
- CRM tools are software products or cloud-based solutions that enable systematic storage and easy access for the information needed to manage customer relationships systematically.

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B2B

- Business to business. Commercial transactions and interactions between two businesses or organizations.

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Market structure

- Refers to features of a specific market or industry that determine how companies and participants interact and compete within that market. (main types: Perfect competition, Monopolistic competition, Oligopoly, Monopoly)

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Customer value

- Refers to the perceived benefits that a customer receives from a product or service in relation to the cost or price they pay for it. Critical value that directly influences customer satisfaction, loyalty, and the success of a business.
- Customer value proposition refers to the selected set of benefits that is communicated to the potential customer.