Waite, who has kicked superbly for Taranaki this season, had the side back in front after 29 minutes with a penalty goal.
But the rest of the half belonged to the Bay, with an impressive back line move finished off by Emoni Narawa and then, crucially, Dan Hollinshead scored just prior to the interval. The dilatory Taranaki defence gave the visitors a 17-10 lead.
Taranaki looked better for large chunks of the second spell, holding onto the ball for long periods. However, at times the attack was directionless, and the task became much more difficult when Fa'asiu Fuatai intercepted a Perofeta munificent pass from a stagnant Taranaki attack.
Taranaki regained its composure, applying further pressure, and this eventually resulted in an excellent try to Teihorangi Walden who popped up on the right wing to finish off an attack that Potroz featured prominently in.
Taranaki continued to mark the majority of the play, camping down in Bay of Plenty territory as it looked to reduce the seven-point deficit. Unfortunately, Waite was astray with two handy penalty goals and ultimately the extended period on attack came to nothing.
To rub salt into the wound, and at the same time deny Taranaki a bonus point, a well-weighted cross field kick from Jason Robertson was caught on the full by Joe Ravouvou, who ran in unchallenged to score. Robertson added the extras to complete the scoring.
Meanwhile, in the curtainraiser, the Port Taranaki Whio were defeated 36-22 by Tasman in a Farah Palmer Cup clash.
The result gave a further illustration of the improvement in the side, especially in the second half, after the visitors had led 26-0 at halftime.
The Whio claimed a bonus point for scoring four tries with the final one a spectacular 45-metre effort to Alesha Williams coming in the 80th minute.
The Whio's other tries were scored by Iritana Hohaia, who scored a brace, and Lavenia Nauga-Grey, while Chelsea Fowler added a conversion.
At a glance:
Bay of Plenty 31 (Tries: C Tiatia, E Narawa, D Hollinshead, F Fuatai, J Ravouvou, Conversions: 2 Hollinshead, J Robertson)
Yarrows Taranaki Bulls:17 (Tries: J Potroz, T Walden, Conversions: 2 D Waite, penalty). Half Time: 17-10