Loren Has Invented a Product That Detects Water Leakages Caused

question 39

Essay

Loren has invented a product that detects water leakages caused by broken pipes and sends out an alarm similar to a smoke alarm.However,Loren has very little personal money to invest in this new product.Therefore,he borrows enough money from his friends to enter the market and begins to experience some success.The product is not patentable because it is too similar to other existing technologies.Major corporations have seen his success and have now entered the market with competing products.What will be the probable destiny of Loren's company?

---

Definitions:

Consultative Buying Center Culture

A business purchasing environment where decisions are made collaboratively, with input from various stakeholders, aimed at solving specific problems or meeting detailed needs.

Buying Center

A group of individuals within an organization who are involved in the decision-making process for making business purchases.

Buying Center

A group of individuals within an organization who are involved in the process of making purchasing decisions.

New Buy

A purchasing situation in which a business customer is buying a product or service for the first time, requiring extensive decision-making and research.