Vendor Relationship Management strategy development Process for Automobile Industry to reduce the cost of quality

Shivagond Nagappa Teli

Abstract


Vendors play a key role in the success of your business irrespective of the sphere of business. The following vendor management practices build a mutually strong relationship with your vendor which in turn strengthens your company's overall performance in the marketplace. Ignoring these sound vendor management principles will result in a dysfunctional relationship that will have the potential to negatively impact your business. The time, money and energy used to nurture a positive vendor relationship cannot be measured directly against the company's bottom line.  However, a well managed vendor relationship will result in increased customer satisfaction, reduced costs, better quality, and better service from the vendor.  When and if problems arise, rest assured that a well managed vendor will be quick to remedy the situation. Successful vendor-vendee relationship is viewed as an important ingredient for maintaining competitiveness in the current marketplace. This calls for a careful and comprehensive approach in selecting vendors.


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ISSN : 2251-1563