Book excerpt: No company is an island in the world of business. Each company is locked into a complex network of relationships with its customers, suppliers and other counterparts. What happens in these relationships is critical to the success of any business. Managing a company's relationships and its position in the network is a central, but often misunderstood aspect of business. This new edition of Managing Business Relationships aims to help managers and students understand the reality of business networks and how to manage in them. It has been entirely rewritten to include the latest thinking and research from the IMP (Industrial Marketing and Purchasing) Group and includes new chapters on Intermediation in Business Networks, the Economics of Business Relationships and the Practice of Business Networking. Features: • Provides a structured way to understand business networks and their meaning for the practicing manager. • Offers a complete analysis of management in different relationships including those with customers, suppliers, distributors and development counterparts. • Presents a practical analysis of the problems and choices that managers face in developing and changing their relationships and a guide to the critical skills of business networking. The book is vital reading for students of business marketing, purchasing, business networks and relationship management. It is also a valuable resource for all managers operating in business networks, including those in marketing, purchasing, strategy, technical development and distribution.