An external relationship is defined as a commercially oriented link between two business institutions with the intent of increasing tangible and/or intangible benefits for one or both of the organizations involved (Street and Cameron, 2007). Two common types of external relationships are market exchanges and partnerships, which we will discuss later in this chapter.
Trends in management
The global business environment requires managers to integrate outside sources and business partners to increase efficiency. Technology has been proven to be a key factor in improving good relationships, while also providing capabilities to evaluate and eliminate poor relationships (Scannell and Sullivan, 2000). Companies are partnering together to form virtual organizational units, which work to the benefit of core businesses as we illustrated with the Amazon.com example in the introduction to this chapter. Managers must have business management skills, technical skills, and a thorough knowledge of external relationship management in order to take optimal advantage of opportunities and leverage the skills and knowledge of other organizations to maximize returns on investment.
Trust: the foundation for a successful relationship
One of the most important elements in developing a successful, long-term relationship is trust. Trust affects the quality of every relationship, every communication, and every project.
Trust can be defined as the belief that one party will fulfill its obligations. According to Jim Burke, former chairman and CEO of Johnson&Johnson, “You can’t have success without trust. The word trust embodies almost everything you can strive for that will help you to succeed” (Covey, 2006). This key factor must be mutual between all organizations involved, whether they are suppliers of materials or providers of outsourcing capabilities. If mutual trust is established early on, all organizations will benefit through a greater willingness to share ideas, goals, and work together to solve problems. Error: Reference source not found reveals trust is a function of five different dimensions.
Dependability : Is one party making and fulfilling promises to another (Covey, 2006). Dependability can also be exemplified via third party confirmations. For example, a credible source can vouch for a firm when dependability has been proven through past experiences. Product demonstrations and plant tours are other ways companies can illustrate the capability to be dependable.
Competence : Is when an organization appears knowledgeable. Demonstrating competence can be the fastest way to increase trust (Covey, 2006). A thorough understanding of suppliers, customers, products, competitors, and the industry demonstrates competence. If a manager understands the relationships they develop, the organization will be perceived as competent.
Relationship orientation : Is the degree to which the company puts the partner first (Weitz, Castleberry, and Tanner, 2005). A company cannot be successful if managers are only concerned about their own profits within a transaction. The company has to make their partner feel valued and can accomplish this by tailoring a product or service specifically for its partner. Creating a feeling of individuality usually results in a loyal, reliable partner.
Honesty : Incorporates truthfulness, sincerity, and dependability. For example, if a seller has established a dependable reputation, the company is usually perceived to be honest. However, illustrating honesty has many other facets as well. A good partner organization should provide all aspects of the truth, whether it is positive or negative information. Creating a relationship based on a foundation of lies is one of the biggest mistakes an organization can make. Partners typically discover the lies, which may result in the loss of critical supplies and/or highly profitable opportunities. One way to combat this is to create a culture that values and encourages honesty. Studies have, in fact, shown that telling the truth strengthens team-building efforts and increases morale and productivity (Smith, 2007).
Likeability : Is finding a common, friendly ground between the partners. The relationships you select should be ones where you would like to increase trust, and where, by improving trust, you would get far better results professionally (Covey, 2006). This is likely the least important of the five dimensions of trust; however it is still noteworthy in the formation of an external relationship.
Astronomy (from Ancient Greek ἀστρονομία (astronomía) 'science that studies the laws of the stars') is a natural science that studies celestial objects and phenomena. It uses mathematics, physics, and chemistry in order to explain their origin and evolution.
Rafael
vjuvu
Elgoog
what is big bang theory?
Rosemary
what type of activity astronomer do?
Rosemary
No
Richard
the big bang theory is a theory which states that all matter was compressed together in one place the matter got so unstable it exploded releasing All its contents in the form of hydrogen
according to the theory of astronomers why the moon is always appear in an elliptical orbit?
Gatjuol
hi !!! I am new in astronomy....
I have so many questions in mind ....
all of scientists of the word they just give opinion only.
but they never think true or false ...
i respect all of them...
I believes whole universe depending
on true ...থিউরি
Govinda
hello
Jackson
hi
Elyana
we're all stars and galaxies a part of sun. how can science prove thx with respect old ancient times picture or books..or anything with respect to present time .but we r a part of that universe
there many theory to born universe but what is the reality of big bang theory to born universe
Asmit
what is the exact value of π?
Nagalakshmi
by big bang
universal
there are many theories regarding this it's on you believe any theory that you think is true ex. eternal inflation theory, oscillation model theory, multiple universe theory the big bang theory etc.
Aarya
I think after Big Bang!
Michele
from where on earth could u observe all the stars during the during the course of an year
is that so. the question was in the end of this chapter
Karuna
in theory, you could see them all from the equator (though over the course of a year, not at pne time). stars are measured in "declination", which is how far N or S of the equator (90* to -90*). Polaris is the North star, and is ALMOST 90* (+89*).
So it would just barely creep over the horizon.
Christopher
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