Introduction
Business relationships affect the long-term growth of an organization. This essay looks at the how the relationships a business builds impacts the business and its plan for long-term growth. It will go on to discuss if there is any downside to the business being helpful to others. Finally, this essay will identify two companies that have sustained growth and similarities in their business model and practices. The discussion will identify what has and has not worked for each of these organizations while identifying competitors to the two organizations.
Relationships
Without solid relationships in place, success is much hard for a business to attain. Entrepreneurs may fail to notice the importance of relationship building. Their focus may be on the details of selling and not relationship building. “Without strong relationships, it is impossible to have success as a business owner” (Dahl, 2013). The entrepreneur should look to build relationships with customers, vendors and even competitors.
Relationships in business are like every other relationship in an entrepreneur’s life. Business relationships also require nurturing and effort to remain beneficial to both parties. There will be a level of give and take between both parties. In the end, developing long-term relationships with customers, vendors and competitors alike will be what a business needs to get through tough times.
Customer Relationships
In an age where a customer can use social media to praise or bash a business in an instant, any organization must take the time to develop the relationship it has with its customers. Keeping the focus on the customer to enhance the customer experience separates an organization from those who do not focus on ...
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...ssay identified two companies that have sustained growth and similarities in their business model and practices. The discussion also identified what has and has not worked for each of these organizations while identifying competitors to the two organizations.
References
Dahl, D. (2013). How to build better business relationships. Retrieved from http://www.inc.com/guides/201101/how-to-build-better-business-relationships.html/2
Davidson, M. (2013). How Relationships with Competitors Help Your Business. http://www.raintoday.com/blog/how-relationships-with-competitors-help-your-business/
Donoghue, J. (2012). Maintaining a strong relationship with the supplier. Retrieved from http://leardon.com/tag/supplier-management
Honigman, B. (2013). 10 ways to make customers fall in love with your business. Retrieved from http://blog.kissmetrics.com/true-love-with-customers/
Understanding, helpful, nurture, amuse and mingle. This is the trueness of a loyal and long term relationship. Relationships are the success of your business. So part of your job is to unleash the greatness in people who’ve never seen the greatness within themselves… Treat them right, be interested in them, show you care and they will remain loyal to you. The best gift in return is that you have given of yourself….
Nichels, W. G., McHugh, J. M., & McHugh, S. M. (2010). Moving toward Relationship Marketing. In W. G. Nichels, J. M. McHugh, & S. M. McHugh, Understanding Business (p. 363). New York: McGraw-Hill Irwin.
Sheth, Jagdish and A. Parvatiyar (2000), “Relationship Marketing in Consumer Markets: Antecedents and Consequences,” in Handbook of Relationship Marketing, Jagdish Sheth and A. Parvatiyar, eds. Thousand Oaks, CA: Sage Publications.
Relationship marketing is also a key technique used by businesses because it involves building relationships with customers for example giving out discounts and special offers; this can help a business out as the customers may potentially become repeat customers meaning more products would be bought resulting in a bigger profit.
Firms can also be bound together in cooperative relationships in long lasting networks. The long te...
Business-to-business companies are relationship driven. They are offering another company a product or service that the company should use to their benefit, and in order to sell this product or service, they have to build a strong, working relationship between the two businesses. B2B companies have to maximize the values of the marketing strategy: relationships and trust. In order to be successful, these two businesses must be able to trust each other, work together, and form a working relationship that will benefit both businesses in the end.
Grönroos, C. (2004). The relationship marketing process: communication, interaction, dialogue, value. Journal of Business & Industrial marketing, Vol 19, Issue: 2, 99-113.
This is why establishing a relationship with a customer is pivotal to not only keep customers happy but also keep them coming back.
...and its customers based on basic rela-tionship principles. It is mutual, interactive and iterative, creating and maintain-ing its own exchange context over time. Changing behaviour of each party to-wards another, the relationship provides them with benefits that lead to suc-cessful relationships. A successful relationship will result each party to trust another, it means that a successful relationship will be characterized by high trust level and involved parties will be ready to contribute and make an effort for relationship maintainers (Peppers & Rogers 2007).
Sincere relationships are created by an exchange in communication between individuals in which the end result will be an established form of friendship-relationship. The intend of branding is to assist companies in developing a strong friendship-relationship thereby introducing their products to a customer base with the intention of winning their affection, this affection in turn has the potential to influence customers to become loyal to the brand. Therefore, the job of the organization is to maintain a homogeneous relationship with these customers in a cost effective way.
Relationship selling is one of the best technique for maintaining consistency in business. However, Samsung is doing business with Best Buy before. Samsung is trying to increase subsidies paid to Best Buy, in order to help its retailer and to increase the publicity of its products. (Grush, 2013) Moreover, Best Buy is making a strong relationship with two companies and Samsung is one of them, Best Buy is trying to do partnership in order to strengthen the relation. (Bailey, 2015)
One important component needed for a cohesive work environment is relationships. Relationships help keep an organization together, and also provide a healthy and comfortable environment for the employees. Relationships bring personal cohesiveness, and personal support within an organization. There are different components that contribute to healthy relationships. They include the flow of communication, methods used to communicate, the way members communicate, the way conflict is handled, and the support and openness of the members.
The recent growth in service sector in the economy is attributed to application of relationship marketing. Consumer’s quality experiences and subsequent satisfaction with the service are primarily an outcome of interaction relationship between service provider and the customer.
Customer Relationships is about building a relationship of trust and convenience. A customer wants the company they are working with to be intuitive. To know their needs before they do. They want to feel respected, they need to believe you are honest and have integrity. This relationship breeds comfort and familiarity and causes the consumer to continue to do business with your company. This relationship that is built develops a personal relationship, like a friendship and it is one that the consumer cannot get from the store down the road and it is that personal touch of sincerity, of knowing their needs, of servitude that will turn them into lifelong branded customers.
Buyer-supplier relationship established since human beings started to trade goods and services. The relationship developed naturally over time after buyer and supplier developed trust and friendship which was supported by quality of product and services (Wilson. D.T, 1995). The relational development is accelerated as firms attempt to improve their relationship to achieve company goals. At the same time, the expectations in the performance have increased, and this has making the satisfactory relationship became more difficult.