Discussion: Business and Marketing conventional purchasing cycle

Business and Marketing Name: Institution: The conventional purchasing cycle start with a product design which comes from research and development then ends with removal of the product from the market. In this paper am going to identify the various steps in the conventional purchasing cycle and also describe the differences between buying and purchasing. Some of the stages include research, development, maturity, decline and degeneration from the market. Introduction is concerned with creating new products from the time they are conceived to the time they are introduced in the market. Since many ideas never get to the promotion stage and must go through a period of monopoly and the competitors begin to copy your ideas to improve their product. Growth begins when a product has more sales and when competitors begin to replicate the product by creating more features of their own. The product becomes popular in other market regions where distribution improvements begin to take shape. Maturity occurs when the product has gained an audience and is readily available to consumers and the product flow has stabilized. The competition begins to increase in cost...