how can companies build strong relationship with customers
TRANSCRIPT
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HOW CAN COMPANIES BUILD STRONG RELATIONSHIP WITH CUSTOMERS
?
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Buyer relationship can be classified into 8 categories:
1. Buying and selling2. Bare bones3. Contractual transaction4. Customer supply5. Cooperative systems6. Collaborative7. Mutually adaptive8. Customer is king
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Buying and Selling:
Simple routine exchanges with moderate level of cooperation and information exchange.
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Bare Bones:
These relationships require more adaptation by the seller and less cooperation and exchange.
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Customer supply:
In this traditional custom supply situation, competition rather than cooperation is the dominant form of governance.
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Contractual Transaction:
These exchanges are defined by formal contract and generally have low levels of trust, cooperation, and interaction.
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Cooperative Systems:
The partners in cooperative systems are united in operational ways, but neither demonstrates structural commitment through legal means or adaptation.
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Collaborative:
In collaborative exchanges, much trust and commitment lead to true partnerships.
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Mutually Adaptive:
Buyers and sellers make many relationship-specific adaptations, but without necessarily achieving strong trust or cooperation.
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Customer is king:
In this close, cooperative relationship, the seller adapts to meet the customer’s needs without expecting much adaptation or change in exchange.
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Business Relationship: Risks and Opportunism
Vertical coordination can facilitate stronger customer-seller times but at the same time may increase the risk to the customer’s and supplier’s tailored expenditure for each other.
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Opportunism:
Opportunism takes place when buyers can’t monitor the supplier’s performance properly. It is some sort of cheating or under supply relative to an implicit or explicit contract.
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New Technology and Business Customers:
Top firms use technology to improve the way they do business with their B2B customers.
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Disclaimer:““These slides were created by Shine Ali, MEC Cochin, during a marketing internship by Prof. Sameer Mathur, IIM Lucknow (See www.IIMinternship.com)”