Peter W. Turnbull

Interaction, relationships and networks in business markets: an evolving perspective

Reviews the research work and conceptual development of the International Marketing and Purchasing (IMP) group into the nature of buyer‐seller relationships which has evolved during the past 20 years. The themes of interaction, relationships and networks encapsulate the major research thrusts of this group and underlie much of the contemporary academic research in Europe. Addresses these themes, which represent the major phases of challenging conceptual and empirical research with which the IMP group has been concerned since its inception in 1976. Aims to show the development process of the IMP research and to integrate some of its various themes and findings.

Implications for Management

In this chapter we examine the implications of the research findings for management. These are presented in two parts. The implications for marketing management are discussed first, followed by the implications for purchasing management.

Finance for Small and Medium‐sized Enterprises

Finance for longer‐term investment continues to be identified as a problem in the small and medium‐sized enterprise market. Recently the finance gap has been attributed to the use of capital gearing as a lending assessment technique. Income gearing, which would take account of the borrower′s expected future income flows may help to close the finance gap. Using a postal questionnaire and in‐depth interviews, information was gathered from companies about their forecasting procedures. The findings show that many companies have the necessary infrastructure to forecast income flows. However practice and culture need to change if lending based on income gearing is to become a reality. Company forecasts lack depth, and the time horizon chosen is too short especially in relation to capital expenditure budgets. In the small and medium sector the relationship between budgets and strategic planning is not yet understood.

Strategic Planning in Industrial Marketing: An Interaction Approach

Advances that strategic planning has been the focus of increasing attention in the management literature, although marketing planning has received less priority. Contends that the particular characteristics of industrial marketing require a framework of strategic planning which integrates the different agents of: supplier‐customer interaction; management of portfolios of relationships; and different levels of management perspective characterizing marketing and purchasing of industrial products and services. Concludes by stating that the multi‐functional and inter‐dependent nature of decision making is very important, and argues that strategic marketing planning should be of a dynamic systems process.

Marketing and investment banking II: relationships and competitive advantage

Follows the previous article by presenting results of empirical research using a sample of investment banks and their large corporate customers. Focuses on how the banks define their source of competitive advantage. Compares and contrasts the views of the banks with those of their customers relating to the purchasing of investment bank services and the principal criteria used for selection of those services.

The Purchasing of International Financial Services by Medium‐ and Large‐Sized UK Companies with European Subsidiaries

Reports a piece of empirical research that concentrates on just one segment of the corporate market – those companies, which have subsidiary companies in Europe. Says that these companies were chosen because they represent a rapidly growing market segment due to the increasing importance of European markets for UK industry. Highlights that the banks used in Europe for a subsidiarys financing were dependent on factors of chance or convenience. Concludes that banks will have to organise themselves more on traditional industrial lines, with divisions between salesmen, marketing, technical staff, personnel and general management, but in spite of 1970s difficulties the banking community is in a health condition.

Marketing and investment banking I: practical and theoretical challenges

Examines the marketing of investment banking services and reviews critically the theoretical frameworks provided by the literature in the marketing of services field. Based on research interviews with 12 London‐based investment banks, discusses current marketing practices and identifies the critical marketing management issues facing the industry. Suggests a theory of marketing of investment banking services to guide the analysis of marketing practice.

The Image and Reputation of British Suppliers in Western Europe

Focuses on the attitudes of buyers in Europe to Britain, and on their experience of British marketing competence. Examines the more general aspects of reputation followed by the more specific aspects of technical and commercial competence of British companies. Presents suggestions where Britain could improve both its image and reputation.

The Use of Foreign Banks by British Companies

Emphasizes that by February 1979 the 65 US banks with a presence in the UK, employing just under 9,000 people, were the largest group of banks in the UK in terms of deposit liabilities. Documents that in 30 years, the US banks deposit base in London has grown by over 5,000 per cent in what has be traditionally regarded as one of the most conservative industries. Wonders how, while employing a fraction of the number that work for the clearing banks and from perhaps a single branch, certainly no more than a dozen. Sums up that this research sought to determine: what were the environmental (micro/macro) inputs to the corporate banking industry, which encouraged the use and growth of US banks in the UK?; what internal corporate criteria made US bank usage more likely?; what relation was there between US bank usage and external organisational factors?; and what were the means by which US banks attempted to increase the probability of their selection, and how effective were these means? Concludes that the research has revealed a number of interesting facts concerning the UK corporate banking market.

Marketing bank services to corporate clients

This paper examines important issues regarding the marketing of financial services to corporate customers in Cyprus, where growing competition and government policy have created major challenges for existing banks. A key competitive issue is the way banks manage their existing customer relationships whilst developing their “product” range and service quality to meet increasingly sophisticated and demanding corporate clients. The relationship marketing approach forms the central theoretical perspective on which the empirical work was based. In‐depth interviews with the major banks and a sample of medium‐sized Cypriot companies were conducted to determine the nature of bank usage and buying behaviour, as well as perceptions of service quality among respondent companies. Interesting differences emerge in the research findings regarding the importance of various banks evaluation criteria as perceived by bank executives on the one hand and by corporate financial decision‐makers on the other. The research also ...