Business-to-business (B2B) can be characterised as a business model involving one business entity selling products or services to another. B2B transactions typically occur between a manufacturer and a wholesaler, distributor, or retailer. In some cases, the transactions may also involve professional or governmental organisations. Business-to-business transactions differ from business-to-consumer transactions in several ways. For one, B2B purchasers are usually more sophisticated and have more specialised product needs than consumers. As a result, B2B sellers must often customisation their products and services to meet the specific needs of their customers. In addition, B2B transactions typically involve larger purchase quantities and higher dollar amounts than B2C transactions. Because of these differences, B2B marketing and sales strategies often differ from those used in business-to-consumer markets.
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Read onNPD Jargon Buster: Technology-Driven
A new product or new product strategy based on the strength of a technical capability. Sometimes called "solutions in search of problems."
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Time to market is the length of time it takes to develop a new product, from an early initial idea for a new product to initial market sales.
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Total Quality Management comprehensively and continuously involves all an organisation's functions in improvement activities.
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The triple constraint is the combination of the three most significant restrictions on any project: scope, schedule and cost.
Read onNPD Jargon Buster: Fuzzy Front End
The Fuzzy Front End is the messy "getting started" period of product development when the product concept is still very fuzzy.
Read onNPD Jargon Buster: Work Plan
A detailed plan for executing a project, identifying each phase of the project, the significant steps associated with them, and the specific tasks to be performed.
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The term "whole product" refers to a product definition concept that emphasises delivering all aspects of a product which are required for it to have its full value.
Read onNPD Jargon Buster: Value Proposition
A value proposition is a short, clear, and simple statement of how and on what dimensions a product concept will deliver value to prospective customers.
Read onNPD Jargon Buster: Corporate Strategy
A corporate strategy is a vital tool for ensuring that a company's product development efforts are aligned with its overall business goals.
Read onNPD Jargon Buster: Corporate Culture
Corporate culture can be defined as the "feel" of an organisation. Culture arises from the belief system through which an organisation operates.
Read onNPD Jargon Buster: Core Competence
Core competence is a company's unique ability to provide customers with a distinctive competitive advantage.
Read onNPD Jargon Buster: Core Benefit Proposition
The Core Benefit Proposition (CBP) is the central benefit or purpose for a consumer buying a product.
Read onNPD Jargon Buster: Convergent Thinking
Convergent thinking is a technique used to narrow down a large number of ideas into a smaller group or a single idea.
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Ambidexterity is a vital skill in today's business world. Organisations must be able to balance exploitation and exploration to stay afloat.
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In product development, a consumer need is a problem that the consumer would like to have solved. It is also what consumers would like a product to do for them.
Read onNPD Jargon Buster: Consumer Market
The consumer market is the market for goods and services purchased by individuals and households rather than businesses.
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In the context of product development, a consumer is defined as the most generic and all-encompassing term for a firm's targets.
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Conjoint analysis is a market research technique in which respondents are systematically presented with a rotating set of product descriptions.
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Concurrent Engineering (CE) is a methodology used in product development that emphasizes concurrent development of the product and manufacturing process.
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Concept screening evaluates potential new product concepts during the discovery phase of a product development project.
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Read onNPD Jargon Buster: Concept
A product concept is a description of a new product idea that includes its primary features and consumer benefits.
Read onNPD Jargon Buster: Competitive Intelligence
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Read onNPD Jargon Buster: Commercialisation
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Read onNPD Jargon Buster: Co-location
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Collaborative product development (CPD) is when two or more firms work together to create and bring a new product to market.
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In product development, a charter is a document defining the context, specific details, and plans of a project.
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A champion is a person who takes a passionate interest in seeing that a particular process or product is fully developed and marketed.
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Anticipatory Failure Determination (AFD) is a failure analysis method used in product development.
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And it's even harder to keep their attention when they're bombarded with advertising from all sides. How can you make sure your product stands out?
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Even if you do your research and ask customers what they want, sometimes they can't articulate their real needs. They might not even be aware of them themselves.
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