Building Trust with Suppliers
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Questions and Answers

What is the primary benefit of forming strategic alliances with multiple suppliers?

  • To create a competitive advantage over other suppliers
  • To reduce dependence on a single supplier
  • To leverage the strengths of each partner while minimizing costs (correct)
  • To increase the bargaining power of the organization

What is the primary purpose of buyer-supplier networks?

  • To manage inventory levels and reduce stockouts
  • To negotiate prices with suppliers
  • To monitor and control supplier performance
  • To share information and develop innovative solutions to shared problems (correct)

What is a critical step in determining the type of supplier relationship that would work best for an organization?

  • Conducting a cost-benefit analysis of different supplier relationships
  • Establishing a centralized procurement system
  • Analyzing the needs of the business and researching potential suppliers (correct)
  • Developing a supplier code of conduct

What is a key outcome of successful supplier relationship management?

<p>Reduced costs and improved efficiency (B)</p> Signup and view all the answers

What is a crucial aspect of building trust in supplier relationships?

<p>Establishing clear communication channels (A)</p> Signup and view all the answers

What is a primary objective of supplier relationship management?

<p>To minimize costs and improve efficiency (C)</p> Signup and view all the answers

What is a key factor in ensuring a smooth flow of operations in a supplier-buyer relationship?

<p>Trust and transparency (B)</p> Signup and view all the answers

What is a potential outcome of working collaboratively with suppliers and sharing forecasting data?

<p>Price reductions through bulk ordering (A)</p> Signup and view all the answers

What motivates suppliers to develop new ideas or cost-saving measures?

<p>Incentives and reward programs (C)</p> Signup and view all the answers

What is a benefit of establishing a successful supplier relationship?

<p>Improved customer satisfaction (A)</p> Signup and view all the answers

What is a way to encourage suppliers to exceed their future performance?

<p>Incentives and reward programs (C)</p> Signup and view all the answers

What is a key aspect of effective supplier relationship management?

<p>Trust and transparency (D)</p> Signup and view all the answers

What is a benefit of improved communication between a business and its suppliers?

<p>Improved service levels and reduced delays in the supply chain (D)</p> Signup and view all the answers

What is a potential challenge in supplier relationship management?

<p>Different business cultures (A)</p> Signup and view all the answers

What is a result of a healthy working relationship between a supplier and an enterprise?

<p>Easier resolution of issues in the ordering process (B)</p> Signup and view all the answers

How can a business eliminate unnecessary activities within the supply chain operations?

<p>By developing good relationships with suppliers (D)</p> Signup and view all the answers

Why is it important to research the culture and location of overseas suppliers?

<p>To improve communication and build a good rapport (A)</p> Signup and view all the answers

What is a potential benefit of supplier relationship management?

<p>Improved service offered to guests (A)</p> Signup and view all the answers

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