Assignment Sample on A Critical Analysis of Business-To-Business Relationship
Introduction
The prospect of Business to Business (B2B) is referred to as the B-to-B, that is, forms of transaction taking place between businesses. It is maximum time seen involving the wholesaler and manufacturer, or a retailer or a wholesaler. The business-to-business is depicted as a business that is “conducted between companies,” nor with the group of customers and businesses. The businesses’ core reasons to maintain a strong link are to promote business opportunities (Jeong and Oh, 2017). It is maintained by promoting loyalty and trust that are vital to maintaining the businesses to business relationships. Building a strong business to businesses relationship at maximum times turns out beneficial for building long-term connections that benefit both the involved parties. It is also maintained by certain legal obligations to protect the rights of both parties. It also builds a sense of trust and relationship between two business parties.
Through B2B relationships, strong forms of building business relationship management are done that allow attracting tailored offerings relevant to the needs of the customer group (Akrout and Diallo, 2017). However, ultimately the two-way communication is the key to build perfect business relationships that are often maintained by the B2B. The prospects that help maintain a B2B relationship include networking and attending industry-related events to foster business relationships and connections (Akrout and Diallo, 2017). These events have a higher tendency to foster referrals and introduction to new business opportunities. Social media is important that helps businesses stay connected and encourages conversations with other businesses to engage in new business opportunities (Leonidou and Hultman, 2019). The businesses also focus on maintaining the market appeal to expand the relationship that can be fruitful. The B2B relationships are maintained by following certain practices that include regular and timely interactions, always keeping the word and braiding by legal obligations, listening, and then acting. These are certain actions maintained by both parties to sustain trust and loyalty between the involved businesses effectively.
References
Jeong, M. and Oh, H., 2017. Business-to-business social exchange relationship beyond trust and commitment. International Journal of Hospitality Management, 65(115-124).
Leonidou, C.N. and Hultman, M., 2019. Global marketing in business-to-business contexts: Challenges, developments, and opportunities.
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