Value Co-Creation in Industrial Buyer-Seller Partnerships ... - Doria

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ACRONYMESMMSCPRIMOIMPMachinery Management SystemCustomer Perception RatingInternational Maritime OrganizationIndustrial Marketing and Purchasing GroupLegal notice: The author is solely responsible for the form and content of the thesis. Anyperson(s) who may have contributed to this thesis shall not be accountable of any facts orconclusions made therein and they do not necessarily represent the view of the concernedcompanies.7
81. INTRODUCTIONEconomic theory relies on the rational argumentation of independent actors optimizing theiractions in order to reach a set goal and to maximize profit. According to economic theory itis wise to manage a company so that maximal bargaining power will be preserved. This isachieved through acting opportunistically, independently and calculating the optimalsolution for profit maximization for each transaction and by not becoming overly dependenton others.However, just like a dish of food can differ greatly from what is described on themenu, business reality is much more complicated than theories and abstract ideas. It isappealing to think that business decisions are always based on rational choices, such asmaking or buying, based on economic calculations. In reality it has been seen that businessrelationships on industrial markets are characterized by long-term interaction where factorssuch as trust, commitment, social bonds, communication, and even friendship ties areimportant ingredients. To an increasing extent it has been realized that there are things to begained by cooperating with partners instead of keeping them at arm’ s length.Monetary value is a frequently used concept when assessing the success of businessrelationships. Monetary value implies that the amount of money that something is worth,serves as an objective measure of value. In business, there obviously has to be an objectivemeasurement unit to enable companies to manage and control their business. However, ithas been shown that monetary value is just one way of looking at the value that is created inlong-term business relationships. When viewing the world through networks andrelationships that develop over time between companies, the rationale for optimization ofoperations has developed in a different direction than the traditional economic theoriessuggest.In a society characterized by speed, complexity, and high information content, thestrategic focus of most businesses acting on industrial markets is in constant transformation.As automation and technology take care of routine and labor-intensive tasks, informationand expertise have emerged as important trading goods and in many cases the basis forcompetitive advantage. Increasingly, business is about working with the right partners,being able to utilize each other’ s resources, and learning and innovating together. Beingable to create the right relationship networks emanating from the company has becomeparamount. In the quest for being successful and maintaining competitiveness companiescreate partnerships and alliances with other organizations, such as suppliers, customers,research institutions in order to survive and create value for all stakeholders. This trend alsoshapes the nature of relationships between industrial buyers and sellers, from arm’ s-lengthrelations, into relations that are increasingly characterized by partnership and cooperation.
Page 1 and 2: Birgitta ForsströmValue Co-Creatio
Page 3 and 4: VALUE CO-CREATION IN INDUSTRIAL BUY
Page 5 and 6: CIP Cataloguing in PublicationForss
Page 7 and 8: Suokannas and Annica Isacsson my de
Page 9 and 10: 3.3 The use of the value concept in
Page 11 and 12: 7.2.1 Price as a benefit and a sacr
Page 13: Figure 8.1: Interdependence, involv
Page 17 and 18: Portfolio management and key accoun
Page 19 and 20: value - ways to understand and thin
Page 21 and 22: creation in a world of relationship
Page 23 and 24: Möller and Halinen-Kaila (1999) cr
Page 25 and 26: Value of a Relationship: When discu
Page 27 and 28: 1.3 Outline of the studyThe study s
Page 30 and 31: in such relationships, and on how t
Page 32 and 33: 2.2 Research approach“ Human gras
Page 34 and 35: “ In case study both the research
Page 36 and 37: interview ended up being different
Page 38 and 39: simplifying and combining observati
Page 40 and 41: the purpose of why it is studied an
Page 42 and 43: started paying attention to issues
Page 44 and 45: The analysis of the material was an
Page 47: are: setting the boundaries of the
Page 50 and 51: Critical events during the process
Page 52 and 53: interviewing, observing, reading, r
Page 54 and 55: unit. Going even further back in hi
Page 56 and 57: 3.4.1 Overview of the use of the va
Page 58 and 59: ç-è1éWèê9ë ì9í!î¹ï5ðWí
Page 60 and 61: argumentation alters the traditiona
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industries. Innovation is the sourc
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ôô3.7 SummaryThe assessment of va
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4. A RELATIONAL APPROACH TO VALUE C
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est way to organize, any way of org
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4.2 The IMP view on relationships a
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The focus and unit of analysis of t
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ecent book discuss how creating val
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not simply mutual dependence betwee
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3n3465-7 89;:=©:¡?@95AB
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interdependence is associated with
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“ The performance of supplier arr
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Figure 4.5: Different value creatin
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“ organizational arrangements tha
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There is no simple or universal def
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The question of win-win in partners
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The following chapter, number five,
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The world cruise industry is domina
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Figure 5.2: The actors and the setu
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ù õ ñ ù õ ó*ÿ¡ ÷£¢ ñ¤
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:: ]:: ]In normal cases the Seller
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the top 10 suppliers for the cruise
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6. THE DEVELOPMENT OF THE RELATIONS
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In 1997 when Mr BR9 got the positio
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The relationship between the compan
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” He (BR9) often talks about the
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With some years of experience with
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offering, the Buyer still sees the
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When the Seller realized that they
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we have a new development in the pr
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to serving the customers - the part
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” This is the most problematic ag
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• Optimize operations i.e. fuel o
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They also commented that the person
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6.7.5 Comments on internal issuesAt
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changes, and that the Seller would
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survey 14 that the Seller had condu
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Seller. At present there are three
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15 - a factor that should not be ne
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elationship and the people interact
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+ K !ñ ú ê ñ ê ö ë î ñ ï
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7.1 Perceived value as a prerequisi
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” We are in the process of develo
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and that is insane. We must be able
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è èèèè èèèè èè èè èè
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We learn their way of handling thin
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Price receivedThe price received ca
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partnership with the Seller, the as
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In the light of this, one could say
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dependence. If managers were not ab
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¥(¦§¨&©G§ªG¦(£(«¬¨$Z
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Seller’ s products and concepts,
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forth between the companies. This h
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What I found even more interesting
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The Buyer sees that the interest fo
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decision to pursue a collaborative
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methodology. I will also direct som
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years to come. Consequently the par
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€‚ƒ‡ ˆ„~„| }~different
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Question 1: How is the value concep
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exists, the value co-creation poten
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partnering and cooperating are so o
Page 188 and 189:
process of analyzing the material s
Page 190 and 191:
Barney, JB. (1991). Firms resources
Page 192 and 193:
Forsström, B., (1998). Trouble & S
Page 194 and 195:
Katz, M & Shapiro, C (1985). Networ
Page 196 and 197:
Shapiro, B.P., Rangan V.K., Moriart
Page 198 and 199:
Interviews:Interview: Buyer 1Interv
Page 201:
Relationships between buyers and se
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