What is the primary benefit of managing interrelations between the firm and its suppliers/customers?
Understand the Problem
The question is asking for the main advantage of managing the relationships between a company and its suppliers/customers, and it provides several options to choose from.
Answer
Better service and customer satisfaction.
The primary benefit of managing interrelations between a firm and its suppliers/customers is better service and customer satisfaction, which can lead to cost savings, reduced availability problems, improved quality, and minimized product delays.
Answer for screen readers
The primary benefit of managing interrelations between a firm and its suppliers/customers is better service and customer satisfaction, which can lead to cost savings, reduced availability problems, improved quality, and minimized product delays.
More Information
Effective management of supplier and customer relationships can streamline operations, help in predicting demand accurately, and enhance flexibility within the supply chain, contributing to a firm's long-term success.
Tips
A common mistake is focusing solely on cost savings while neglecting the quality and reliability aspects of supplier and customer relationships.
Sources
- Managing Relationships with Suppliers and Vendors - APUS - apu.apus.edu
- The Benefits of Supplier Relationship Management - WinMan ERP - winman.com
- The Advantages of A Well Managed Supplier Relationship - oxfordcollegeofprocurementandsupply.com
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