ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The main benefit of having strong, reciprocal supplier relationships is getting more value for your company. The better you know your suppliers and they know you, the more likely you are to receive personalized service, discounted prices, and uniquely beneficial terms.

Detailed explanation-2: -The supplier is responsible for providing the quality that will satisfy the customer and submitting necessary data upon customer’s request. Both the customer and the supplier should decide the methods to evaluate the quality of the product or service to the satisfaction of both parties.

Detailed explanation-3: -Building a working relationship with customers is key to the long-term success of a business. Having a strong connection based on trust and communication helps customers feel more secure and connected with a brand, and it can also lead to growing customer retention and your repeat purchase rate.