New business model for specialty plastics
Products accompanied by new ancillary services
BASF undertook a customer survey to establish the types of service and other additional features needed by processors of specialty plastics if they are to achieve success in their markets. The result: whereas standard plastics require a compact product line that can be produced at low cost, the four key factors in the marketing of specialties are innovation, partnership, reliability and diversity.
Unlike standard plastics, specialties are showing average yearly growth of at least eight percent. Much of this growth derives from the Far East, so BASF has set up the new business unit on a global basis, with a 10 percent target for annual growth of its products. This growth in the market is to be accomplished by combining these materials with industry-specific service packages, technical support, or specialized colors. The aim is that the entire package will always help customers to achieve a significant system-cost saving.
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