全球電子零件代理商面臨毛利壓縮、價格透明化與原廠直銷等結構性挑戰，傳統仰賴單一產品線與價差收入的經營模式已難以支撐長期發展，多產品線轉型因而成為代理商尋求新價值創造方式的重要策略方向。本研究以F公司為個案，探討其由單一被動元件代理商轉型為多產品線代理商之行銷與價值創造策略。F公司創立於1985年，深耕台灣電子元件供應鏈逾四十年，以日本Panasonic被動元件代理為核心業務。近年因應產業環境變化，陸續引進Parker（AI伺服器水冷散熱零組件）、PANJIT（功率半導體）與Elephantech（永續PCB製程）等新代理線，逐步建構以被動元件為基礎、以半導體與水冷散熱為成長引擎的多產品線代理模式。
理論架構上，本研究整合Porter（1985）價值鏈理論與邱志聖（2020）策略行銷4C交換成本分析架構，建構「價值鏈活動—4C交換成本」之雙向連動分析框架，系統性檢視F公司在進料物流、營運加工、行銷銷售、售後服務等價值活動上的策略佈局，如何對應降低買方之外顯單位效益成本（C1）、資訊搜尋成本（C2）、道德危機成本（C3）與專屬陷入成本（C4）。
研究發現，F公司之多產品線轉型在4C各構面均產生明確的策略效果。C1方面，多品牌組合供貨與安全庫存服務提升了客戶採購效益，交叉銷售呈現「雙向機制」——新產品線帶動既有產品線曝光、既有產品線銷售過程中發現新需求——帶動整體業績成長約20%，「新客戶×新產品」銷售占比從2024年的1%躍升至2025年的22%，顯示營收結構正趨於多元。C2方面，F公司透過跨品類技術諮詢扮演「技術橋接者」角色，在AI伺服器水冷散熱與SiC/GaN功率半導體等新興領域提供選型諮詢服務，惟因尚未設置專屬FAE團隊，技術服務深度仍有限，為目前成熟度最低之構面。C3方面，逾四十年的Panasonic授權代理關係構築深厚信譽資本，且F公司在Parker水冷產品線中承擔「跨產業文化轉譯」角色——協調傳統產業加工廠與電子業客戶之間的溝通落差——為客戶提供履約風險緩衝，形成大型通路商難以複製的差異化優勢。C4方面，多產品線整合方案與Design-In技術鎖定初步建構系統性黏著機制，惟研究亦發現C4存在「動態脆弱性」：當F公司促成上游加工廠合資擴產時，供應鏈權力結構的重塑可能削弱其中介價值。
本研究之學術貢獻在於建構「價值鏈—4C雙向連動」分析框架，為B2B通路商研究提供整合性分析工具，並提出「跨產業文化轉譯」、「信譽槓桿」與「C4動態脆弱性」等延伸概念，豐富4C理論在多品牌代理情境中的應用。實務建議上，本研究提出「瓶頸構面優先」策略思維，建議F公司依C2→C4→C1→C3之順序配置資源，並為同業提供4C成熟度自評與差異化轉型路徑之參考。

Electronic component distributors worldwide face structural challenges including margin compression, price transparency, and manufacturers’ direct sales trends, rendering the traditional single-line, margin-based business model increasingly unsustainable. This study examines Company F as a case to investigate its marketing and value creation strategies during a transformation from a single-line passive component distributor to a multi-product-line distributor. Founded in 1985 with Panasonic passive components as its core agency business, Company F has over forty years of experience in Taiwan’s electronic component supply chain. In response to evolving industry dynamics, it has progressively introduced Parker (AI server liquid cooling components), PANJIT (power semiconductors), and Elephantech (sustainable PCB processes) to establish a multi-product-line model anchored in passive components with semiconductor and liquid cooling solutions as growth engines.
The theoretical framework integrates Porter’s (1985) value chain theory with Chiou’s (2020) 4C Strategic Marketing exchange cost framework, constructing a bidirectional analytical model that systematically examines how Company F’s value chain activities—including inbound logistics, operations, marketing and sales, and after-sales service—correspond to reductions in four buyer exchange cost dimensions: Explicit Unit Benefit Cost (C1), Information Search Cost (C2), Moral Hazard Cost (C3), and Specific Asset Sunk Cost (C4).
Key findings reveal distinct strategic effects across all four dimensions. In C1, multi-brand bundling and safety stock services enhance procurement efficiency, with cross-selling exhibiting a “bidirectional mechanism” that contributed to approximately 20% revenue growth; the “new customer × new product” sales share surged from 1% in 2024 to 22% in 2025, indicating increasing revenue diversification. In C2, Company F serves as a “technology bridge” providing cross-category consultation in AI server liquid cooling and SiC/GaN power semiconductors, though the absence of a dedicated FAE team renders this the least mature dimension. In C3, over forty years of authorized Panasonic distribution has built substantial reputational capital, and Company F’s role as a “cross-industry cultural translator”—bridging the communication gap between traditional manufacturers and electronics clients in the Parker liquid cooling line—provides fulfillment risk buffering that large-scale distributors find difficult to replicate. In C4, Design-In lock-in and multi-line integration have established preliminary systematic stickiness, though the study identifies “dynamic vulnerability”: supply chain power restructuring triggered by upstream joint ventures may erode the distributor’s intermediary value.
Academic contributions include constructing a “value chain–4C bidirectional linkage” analytical framework for B2B channel research, and proposing extended concepts such as “cross-industry cultural translation,” “reputation leverage,” and “C4 dynamic vulnerability” that enrich 4C theory in multi-brand distribution contexts. For practical implications, this study proposes a “bottleneck-dimension-first” strategy, recommending resource allocation in the sequence of C2→C4→C1→C3, and offers industry peers a 4C maturity self-assessment framework and differentiated transformation pathways.

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