Stages of Business Buying Behavior
1.Problem Recognition
2. General need description
3.Product Specification
4.Supplier Search
5. Proposal Education
6. Supplier Selection
7.Order-Routine Specification
8.Performance Review
1.Problem Recognition (Stages of Business Buying Behavior)
1st step: can result from internal or external stimuli.
2. General need description (Stages of Business Buying Behavior)
2nd Step: Having recognized a need, the buyer next prepares this step that describes the characteristics and quantity of the needed items or solutions.
3.Product Specification (Stages of Business Buying Behavior)
3rd Step: Once the buying organization has defined the need, it develops this, often with the help of a value analysis engineering team. Product value analysis is an approach to cost reduction in which the company carefully analyzes a product's or service's components to determine if they can be redesigned and made more effectively and efficiently to add value
4.Supplier Search (Stages of Business Buying Behavior)
4th step: conducts this step to find the best vendors.
5. Proposal Solicitation (Stages of Business Buying Behavior)
5th Step: the buyer invites qualified suppliers to submit proposals. The buyer next reviews the proposals and selects a supplier or suppliers
6. Supplier Selection (Stages of Business Buying Behavior)
6th step: the buyer will consider many supplier attributes and their relative importance.
7.Order-Routine Specification (Stages of Business Buying Behavior)
7th Step: It includes the final order with the chosen supplier or suppliers. Many large buyers now practice vendor-managed inventory, in which they turn over ordering and inventory responsibilities to their suppliers.
8.Performance Review (Stages of Business Buying Behavior)
8th Step: the buyer assesses the supplier's performance and provides feedback.