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Vendor/Buyer Relationship

Examining the various aspects of the vendor and buyer relationship. Discuss what you feel is important for creating and maintaining productive vendor relationships from a buyer perspective. Discuss how this is different from the vendor's perspective. Examine the risks and rewards involved with exclusive vendor relationships. Formulate strategies for creating and maintaining productive vendor relationships. Also, examine the legal and ethical issues involved with vendor and buyer relationships.

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The relationship between a vendor and buyer is interesting: each party wants to secure the best deal, maximizing his or her own business objective yet at the same time for the partnership to succeed there must be respect and a mutual understanding of each other's business. The relationship must be balanced in a manner in which both parties succeed. At all times the relationship between the two must remain professional and cordial. It is okay to disagree, however, it is not okay to be disagreeable. Both vendor and buyer should learn as much as possible about each other's operations in order to make informed decisions.

In order to create and maintain productive vendor relationships, as a buyer, it is critical that one is reasonable, honest, and fair with vendors. Successful buyers must outline their product needs and solicit bids. All vendors taking part in the process must be given complete information, however, it is unethical to share bids of one supplier with another. Price is not the only factor upon which to judge a supplier, however. In addition, one must take into account terms, delivery times, ease of ordering, and accuracy. Unfortunately, personality comes into play with ...

Solution Summary

THis detailed solution outlines the relationship between the vendor and buyer, the importance of creating and maintaining a positive relationship and the difference of perspective. It also outlines legal and ethical issues. It includes links and examples.