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Questions and Answers
What is the recommended approach towards the supplier's bargaining power?
What is the recommended approach towards the supplier's bargaining power?
- Give in to the supplier's demands
- Explore alternative suppliers
- Threaten to cut ties with the supplier
- Resist and negotiate for better terms (correct)
How should one respond to the supplier's bargaining power?
How should one respond to the supplier's bargaining power?
- Accept all demands unquestioningly
- Seek mutually beneficial agreements (correct)
- Ignore the supplier's concerns
- Engage in aggressive price wars
What is a strategic approach when dealing with the supplier's bargaining power?
What is a strategic approach when dealing with the supplier's bargaining power?
- Immediately concede to all demands
- Strengthen negotiation tactics and leverage (correct)
- Agree to long-term unfavorable contracts
- Limit communication with the supplier
