RMG 200 Lecture Notes - Strategic Alliance, Private Label, Accounts Payable

• School: Ryerson University
• Department: Retail Management
• Course: RMG 200
• Professor: Brent Barr

Document Summary

Know the vendor"s goals and constraints: a continuous relationship, testing new items vendors need their retailers to provide sales feedback for new items, communication share sales information, showcase. Even if the vendor is more powerful, aggressive, or important in the marketplace, the retailer will have a psychological advantage at the negotiating table if the vendor is outnumbered. Negotiating teams should be of equal number. People feel more comfortable and confidents in familiar surroundings- Strategic relationship: (partnering relationship) long term relationship in which partners make significant investments to improve both parties" profitability. Trust: a belief that a partner is honest (reliable, stands by word, sincere, fulfills obligations) and is benevolent (concerned about the other party"s welfare) Strategic relationships and trust are often developed initially between the leaders of organizations. Understand what"s driving each other"s business, their roles in the. Partnering relationship, each firm"s strategies, and any problems that arise over the course of the relationship.