As relationships with suppliers become more trusted, reliable, and long-term in nature, early supplier involvement has...
As relationships with suppliers become more trusted, reliable, and long-term in nature, early supplier involvement has become a popular strategy among firms. Explain THREE benefits gained from using this strategy.
Homework Answers
It can actually be mentioned that the three potential benefits of using the early involvement strategy are
1) supplier loyalty where it has to be observed that with the long-term commitment and initial relationship the supplier will tend to become more and more loyal as a result of which he would get to supply raw materials at a fair price all in all.
2) this strategy prohibits other competitors from maintaining a successful relationship with the supplier because you might already have engaged in the long term commitment with the supplier
3) also at a point of time the technology can be shared with each other so that average cost can reduce with the help of movement of human capital from supplier to the organisation and vice versa
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