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Business relations are connections between stakeholders in the process of businesses, such as employer–employee relationships, managers as well as outsourced business partners. The association of businesses began relationships that have been constructed through communication channels such as the likes of telephones , personal contacts, and e ...
Business Relationship Management (BRM) is viewed as a philosophy, capability, discipline, and role to evolve culture, build partnerships, drive value, and satisfy purpose. [ 1 ] BRM is distinct from enterprise relationship management and customer relationship management although it is related.
Business networking is the practice of building relationships with individuals and businesses for professional purposes. [1] It involves the strategic exchange of information and resources to create connections that can be mutually beneficial. [2] Business networking can be conducted in person, online, or through a combination of both.
Customer relationship management (CRM) is a process in which a business or another organization administers its interactions with customers, typically using data analysis to study large amounts of information. [1]
Supplier relationship management (SRM) is the systematic, enterprise-wide assessment of suppliers' strengths, performance and capabilities with respect to overall business strategy, determination of what activities to engage in with different suppliers, and planning and execution of all interactions with suppliers, in a coordinated fashion across the relationship life cycle, to maximize the ...
Relational contracting and collaborative business models, including vested outsourcing, have incorporated Porter's and Kramer's shared value principles as the basis for implementing collaborative relationships that creates, shares and expands value for parties in a business or outsourcing relationship. [14]
Another study found that face-to-face communication is very important in building an effective team environment. [19] Face-to-face contact was key to developing trust. Formal team building sessions with a facilitator led the members to "agree to the relationship" and define how the teams were work. Informal contact was also mentioned.
Relationship marketing refers to an arrangement where both the buyer and seller have an interest in a more satisfying exchange. This approach aims to transcend the post-purchase-exchange process with a customer in order to make richer contact by providing a more personalised purchase, and using the experience to create stronger ties.