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The state-of-knowledge and state-of-best-practice in business markets have advanced considerably since the publication of our first edition. The second edition of Business Market Management interprets and integrates these advances within the framework that our first edition established. It also strongly reflects the changes in our views of business markets and what firms need to do to prosper. Two significant developments in the second edition are especially noteworthy.
We now provide detailed discussion of customer value management as a progressive, practical approach to delivering superior value to targeted market segments and customer firms, and getting an equitable return on the value delivered. Customer value management relies on building customer value models to gain an understanding of customer requirements and preferences, and what it is worth in monetary terms to fulfill them. Leading suppliers leverage the knowledge they gain from customer value models to create value-based sales tools that enable them to persuasively demonstrate and document the superior value their marketing offerings deliver. In our second edition, we relate the best practices of these leading suppliers. Complementing this discussion, we describe in detail an approach to customer value management and building customer value models that we have developed and refined while working with numerous firms in diverse industries over the past several years.
Brands and brand building are concepts that are of growing interest in business markets. Establishing and building their brands are goals that managers in business markets increasingly seek to accomplish. They believe that by adaptingthe concepts and practices of their counterparts in consumer markets to the business-to-business setting, they can build brand equity and benefit from it. In our second edition, we provide extended consideration of brands in business markets. New sections are devoted to brands as resources, building brands and brand equity in business markets, positioning in business markets and crafting persuasive value propositions, branding market offerings, and global branding. Each of these sections is reinforced and enlivened with best practice company examples.
Our second edition retains the framework for understanding, creating, and delivering value established in our first edition. Chapters are devoted to each of the business market processes in this framework, such as Crafting Market Strategy, Managing Market Offerings, and Sustaining Customer Relationships. The same four guiding principles of business market management still recur throughout the second edition:
Our second edition continues with our first edition title of Business Market Management instead of Business Marketing. Although our book is about business marketing, our choice of title reflects our recognition that marketing work processes, such as segmentation, targeting and positioning, increasingly take place within business market processes such as crafting market strategy and managing market offerings. Business market processes cut across functional areas and depend upon seamless cross-functional cooperation for marketplace success. Thus, business market management requires significant participation from many functional areas, not just marketing, to decide what market segments and customer firms are of primary interest (i.e., targeting) and how to deliver superior value to them (i.e., positioning). We think that business market management better conveys this broader responsibility for the market, and this perspective makes our book not only of greater interest to those in a marketing functional area, but also to those in related functional areas and general management.
To formulate, test, and refine our thinking, as well as to gather best practice illustrations throughout our book, we continue to conduct extensive management practice research with leading European and North American companies. We also have studied and provide examples from the best practices of some leading Asian companies operating in Europe and the Americas. These leading-edge firms serve a variety of business markets, providing offerings as diverse as bearings, air cargo service, enterprise software, and commercial banking services. Our primary research enables us to generate illustrations and examples that offer greater texture and richness than do examples that come from secondary sources. Because this research is conducted with firms that excel at value-based market management, the illustrations and examples that come from them provide insight into how the models, frameworks, and concepts we present can be put into practice. Reflecting this continuing commitment, our second edition contains 24 new breakout boxes, most of which resulted from primary management practice research. Of course, we also continue to supplement the illustrations generated from our management practice research with numerous examples from secondary sources.
The intent of our second edition is to provide the most progressive managerial approach to business marketing and business markets. Whether readers are students with limited experience or seasoned managers, they will find the second edition a valuable resource, containing concepts, frameworks, and best practices that will stir up and advance their thinking. We think that our second edition delivers superior value in return for the time readers invest in it, and we believe that after reading it, you will agree.
|About the Authors|
|Sect. I||Introduction and Overview||1|
|Ch. 1||Business Market Management: Guiding Principles||3|
|Sect. II||Understanding Value||39|
|Ch. 2||Market Sensing: Generating and Using Knowledge About the Market||41|
|Ch. 3||Understanding Firms as Customers||90|
|Ch. 4||Crafting Market Strategy||131|
|Sect. III||Creating Value||173|
|Ch. 5||Managing Market Offerings||175|
|Ch. 6||New Offering Realization||222|
|Ch. 7||Business Channel Management||271|
|Sect. IV||Delivering Value||315|
|Ch. 8||Gaining Customers||317|
|Ch. 9||Sustaining Reseller Partnerships||361|
|Ch. 10||Sustaining Customer Relationships||394|