SG7001 Business to Business Relationships Assignment Sample
Introduction
Business partnerships can be characterized as a mechanism in which multiple organizations develop deep and comprehensive social, economic, operation, and technological bonds over time intending to reduce overall costs and/or increasing value, resulting in mutual benefit.
Discussion
Business partnerships can be characterized as a mechanism in which several companies develop deep and comprehensive social, economic, service, and technological bonds over time intending to reduce overall costs and/or increasing value, thus gaining mutual benefit (Graça and Barry, 2019). Striving to develop and maintain long-term partnerships is a primary goal for fruitful commercial practices in most business-to-business exchanges. Companies are increasingly focusing on successful partnerships between engaging parties for mutual benefit.
The consistency of relationships is a higher build for good relationships. As for indicators of partnership performance, Cheng cites durability, frequency of communication, effective and satisfactory operation, as well as the expertise and personalities of company members. Collaboration and coordination through electronic automation are critical components for the success of partner relationships. Cooperative behavior in organizations is focused on the operation of a set of inter-organizational standards, which are shared understandings about how to do business through the facilitation of contact within a social system.
Supply chain relationship
Both customer and provider communicate in a perfect supply chain relationship so that they can share information, request data and status visibility quickly. For openers, communicating activities on demand and guiding strategic planning. It also involves connecting information networks to exploit the capacity of the Internet and other electronic communications together. It means collaborating together to reduce costs and enhance efficiency, capacity and capacity awareness.
Nevertheless, it is important to retain high-confidence and high-level coordination with each other, regardless of whether they are named collaborations. Certainly, some very powerful mega-merchants are able to dictate their vendors’ rates, terms and procedures by threatening to sell businesses.
Conclusion
These partnerships can be distinguished by motivations that include both mutually compatible and incompatible interests. When these characteristics are present in partner relationships, the partner companies understand their interdependence and are committed to working toward mutually beneficial relationships.
References
Dobrucalı, B., 2019. The role of Guanxi on international business-to-business relationships: a systematic review and future directions. Journal of Business & Industrial Marketing.
Graça, S.S. and Barry, J.M., 2019. A global examination of cognitive trust in business-to-business relationships.In New Insights on Trust in Business-to-Business Relationships. Emerald Publishing Limited.
Panda, S., Srivastava, S. and Pandey, S.C., 2020. Nature and evolution of trust in business-to-business settings: Insights from VC-entrepreneur relationships. Industrial Marketing Management, 91, pp.246-256.
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