Factors for maintaining successful business partnerships: A case study of the construction equipment industry

Factors for maintaining

successful business

partnerships

A case study of the construction

equipment industry

Authors: Albin Atzmüller,

International Sales & Marketing Michael Sundblad,

International Sales & Marketing Sylvia Kamande

International Sales & Marketing

Tutor: Prof. Engelbert Weiss

Subject: Sales & Marketing

Level and semester: Bachelor's Thesis,

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Abstract

As organisations try to emerge from the recent economic downturn, they attempt to enter different markets to decrease their dependency on their core market. Due to high costs in R&D and the risk of failure, organisations try to sell the core components of their products to business partners who can incorporate these components into their own offering. Using a qualitative research method, we studied the case of TACHI as a player in the construction equipment industry. The purpose of the research was to find factors for maintaining successful business partnerships within this industry and also the role of co-branding in these business partnerships. After analysing the results of our study and reflecting on the theoretical framework, we concluded that operational compatibility, and commitment and trust were considered as the key factors that were most important in making business partnerships work successfully. Interestingly, players in the construction equipment industry do not consider co-branding as a strategy for entering new markets. However, we discovered a new phenomenon, which is informal branding, and we recommend this as a topic for future research.

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Key words: business partnership, industrial branding, co-branding, ingredient branding, informal branding, construction equipment industry, and component sales.

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The recent economic downturn of 2008 and 2009 dawned a new era of conducting business. Customers cancelled orders and the demand for industrial machines decreased rapidly. As a result, manufacturing organisations struggled to sell their finished products to release tied-up capital ("'+%>/00G!F=JN9G!LIMM). Drastic measures such as cutting costs in all possible areas were taken. Emphasis was laid on maximising sales on the entire product portfolio as opposed to focussing on just core products. Other areas like reducing research and development (R&D) costs as well as dropping non-profitable product lines and ploughing the cash from selling them into profitable products were left out. It became clear that manufacturers were highly dependent on dealers and distributors, and as a result capital was tied-up in stock of finished products.

As a result of the economic downturn manufacturers across the globe are proactively re-strategising their business goals to stay competitive (Meyer, 2009). They incorporate the latest technologies and focus on consumers’ demand for total-value (Meyer, 2009). In the construction equipment industry alliances and other forms of business partnerships have become a norm to help organisations capture larger market shares as well as stay ahead in technology. Manufacturers are changing their operations by looking outside their organisation for strategic business partnerships, such as becoming suppliers of components to other manufacturers (Gibbs & Humphries, 2011). This enables suppliers to penetrate newer markets, receive contribution to cover R&D costs, and increase the turnover of their product lines.

Some researchers view that finding competent partners might be a solution to reducing risk, shortening product development time, and enabling organisations to focus on their core products. To make business partnerships work effectively, several factors need to be in place (QA.! /%! #05G! LII^_. When using components from other manufacturers, there is also the question if these components should be branded and

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