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Michael Kleinaltenkamp - Business Project Management and Marketing: Mastering Business Markets

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Book:
Business Project Management and Marketing: Mastering Business Markets
Author:
Michael Kleinaltenkamp / Wulff Plinke / Ingmar Geiger
Publisher:
Springer
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Books / Home and family
Year:
2016
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Marketing and implementing large-volume orders and major projects calls for specific types of expertise. This textbook deals with all of the management tasks involved: order management, inquiry evaluation and proposal preparation, pricing and revenue planning, order financing and financial engineering, contract management, negotiation management, project management, and finally project cooperation. Adopting a cross-sector perspective, it examines both traditional manufacturing industries and business-to-business services. All contributions are presented in an accessible style, making the book well-suited as both a managerial textbook and valuable practical guide.

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Springer-Verlag Berlin Heidelberg 2016

Michael Kleinaltenkamp , Wulff Plinke and Ingmar Geiger (eds.) Business Project Management and Marketing Springer Texts in Business and Economics 10.1007/978-3-662-48507-1_1

Order Management

Frank Jacob 1

(1)

ESCP Europe, Berlin, Germany

Frank Jacob

Email:

Introduction

The market transaction is a constituent feature of a market and the elementary object of trade and investigation of marketing. A market transaction is described by the fact that a supplier and a purchaser mutually make an agreement about the exchange of rights of disposal to goods or services (Plinke ). This perspective shall also be taken in the current piece.

A systematic consideration of order management can take two different points of view: a theoretical perspective and a management perspective. The theoretical perspective intends to (only) explain the events within market transactions. It searches for the formulation of cause/effect relationships. By contrast, the management perspective takes the position of the company decision maker and strives to provide decision support to him for attaining his goals. However, without a theoretical foundation the validity of management approaches often remains limited. In this respect, both perspectives shall be taken in this piece whereby the management perspective shall; however, remain the focus.

The Theory of Transaction

A selection of theoretical approaches will be presented in the following, which exhibit a connection to order management. This selection does not claim completeness. The connection to the management approaches presented subsequently also cannot always be shown explicitly. The company decision maker, who is charged with the management of orders, can always then employ the theoretical approaches meaningfully if he must modify and adapt management approaches for concrete and specific use cases. The theory will thenin addition to the concrete conditions of usesupply him the reference framework.

2.1 Exchange Theory

The exchange theory would be referred to as an interactive and economic perspective for the purpose of a classification of approaches in marketing, as they were made by Sheth , Gardner and Garrett (Sheth et al. in this sense.

Table 1

Benefit and cost elements of the exchange in an overview (Plinke , p. 50)

Benefit elements
	Benefit from the object of the contract	Transaction benefit	Benefit from the consequences of the exchange
Buyer viewpoint	Product benefit bundle	Know-how increase security	Security Reduction in costs
Supplier viewpoint	Fee	Know-how increase	Reference benefit Cooperation benefit

Cost elements
	Costs from the provision	Transaction costs	Costs from the consequences of the exchange
Buyer viewpoint	Purchase price Operating expenses	Procurement costs	Suppliers-switching costs
Supplier viewpoint	Manufacturing costs	Sales costs	Stand-by costs Cooperation costs

If the benefit exceeds the costs for the supplier as well as for the customer and if this difference is larger than for all alternatives, which are available to the customer and the supplier at the given time, then the requirements for the establishment of a market exchange are given.

Each participant in the market, who is interested in the establishment of an exchange, or would like to structure it as beneficially as possible from his perspective, can benefit from this connection. The approach as an analysis matrix for the evaluation of the probability of an exchange is helpful in any case. However, in addition it also provides clues to how this probability increases by taking measures, or how the exchange relationship can be further improved for ones own benefit.

2.2 Principal Agent Theory

The Principal Agent Theory must be allocated to the additional field of New Institutional Economics (Fischer et al. , p. 146 et seq.).

If a transaction situation is characterized by high behavioral uncertainty then this can absolutely lead to market failure in this way, thus to the circumstance that no transactions whatsoever will actually be concluded. Such a fundamental market failure is; however, neither in the interest of the agent nor the principal as a general rule. Various transaction designs are available to reduce behavioral uncertainty and hence to avoid market failure. For example, the principal can demand formal warranties from the agent, he can increase his observation efforts or he can offer incentive systems to the agent which steer his behavior in a certain direction. On the other hand, the agent can also offer warranties, he can send out clear and obvious signals which improve the principals level of information or likewise work on the development of incentive systems (Spremann , p. 147 et seq.).

It is now important for the management of transactions, particularly in the business-to-business sector that the roles of the principal and of the agent must not be clearly assigned to the supplier or to the customer. Instead the assignment changes depending on the special behavioral facts and depending on the phase in which the transaction is situated. However, the buyers market situation implies that the initiative for the overcoming of behavioral uncertaintyeither ones own or that of the customersmust always emanate from the supplier. In this respect, order management requires a permanent analyses of the given agency circumstances and the taking of corresponding measures.

2.3 Transaction Costs Theory

The foundation of the transaction costs theory (e.g. Khne , p. 165). If the customers decision is omitted namely to the benefit of another supplier these initial investments are no longer valuable in this way as a rule because other customers require other initial investments. However, a customer can also make specific investments as related to a supplier roughly by catering to internal procurement processes specifically for the circumstances with one single supplier. If he changes the supplier later the efforts for the orientation of these procedures will lose their value.

The theory can now be postulated that transactions with a desired partner become all the more likely the more one succeeds in moving the partner to specific investments. To put it the other way round, market degrees of freedom can be only maintained by the supplier and the customer if the specific investments remain in certain boundaries. Hence the management of orders is always also a management of specific investments. Specific investments, which have already been made constitute the basic conditions and future investments must be evaluated based on their specificity.

2.4 Interaction Approach

The interaction approach in business-to-business marketing can be understood as the answer to problems that develop during the transmission of the SOR paradigm (stimulus organism response), which is very widely distributed in the consumer goods sector (Plinke , also see chapter Project Cooperation of this book).

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