Essays on Buyer/Supplier Relationships Literature review

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The paper "Buyer/Supplier Relationships" is a wonderful example of a literature review on management. In the fast-changing business environment, any entrepreneur knows that his or her success depends mainly on how relevant his or her products are to the consumer market. With increased competition, the consumer has a wider choice of shopping outlets and stores than was the case 20 years ago. The situation worsened by the rapid shifts in trade, technology, and consumer preferences. As such, entrepreneurs have to employ every incentive necessary in attracting and retaining customers.

Often, this calls for a good relationship between the entrepreneur and his or her suppliers. For the entrepreneur to remain competitive, he or she must be able to update the features, value, and functionality of his products or services to match consumer requirements. Often times, this requires the input of the suppliers who have to respond to shifting markets and consumer requirements through their delivery capabilities. In the contemporary business environment, the relationships between suppliers and buyers have been influenced not only by increased competition but also by changes in regulations of the industry.

As has been observed by Cummings (2010, p. 137) standards that suppliers are required to observe have been rising, while expectations placed on them by the buyers regarding the speed of adopting change are aggressive. Simply put, the old buyer/supplier relationship, which was mainly based on “ trust, common understanding, and reputation, ” is losing meaning in today’ s world. In its place, contracts between the buyers and suppliers are taking center stage. Mainly, the contracts are used to bring certainty between the two parties by ensuring that both the buyer and supplier understand each other’ s interpretation of the contract terms.

The need for proper understanding is especially essential in the contemporary environment because as Cummings (2010, p. 138) observes, globalization has enabled people from different cultures and geographical regions to conduct business. Proper understanding of the contractual terms, therefore, ensures that there is a common interpretation of the terms stipulated in a contract regardless of the differences that may exist between the suppliers and the buyers.

References

Burnett, K 2004, ‘Supplier relations, Business Briefing: Global Purchasing & Supply Chain Strategies,’ pp.28-30.

Choi, T.Y. and Wu, Z. 2009. ‘Triads in supply networks: Theorizing buyer-supplier relationships,’ Journal of Supply Chain Management, vol. 45, no. 1, p. 8.

Claro, D.P., Zylbersztajn, D. & Omta, O.S.W.F 2004, ‘How to manage a long-term buyer-supplier relationship successfully? The impact of network information on long-term buyer-supplier relationships in the Dutch potted plant and flower industry,’ Journal on Chain and network science, vol. 4, no. 1, pp. 7-24.

Cummings, T 2010, ‘Best practices in commercial contracting,’ Stockholm Institute for Scandianvian Law, 1957-2010132, pp.132-146.

DeMatteo, L.A 2002, ‘Contract Talk –Reviewing the historical and practical significance of the principles of European contract law,’ Harvard International Law Journal, vol.43 (Summer), pp. 569-581.

Drake, M.J. and Schlachter, J.T. 2008, ‘A Virtue-Ethics Analysis of Supply Chain Collaboration’, Journal of Business Ethics, vol. 82, no. 4, pp. 851–864.

Fawcett, S.E., Ellram, L.M. & Ogden, J.A. 2007, Supply Chain Management: From Vision to Implementation, New Jersey: Pearson Prentice Hall.

Hines, T 2004, Supply chain strategies: customer –driven and customer-focused, Butterworth-Heinemann, London.

Humphreys, P.K., Shiu, W.K. & Chan, F.T.S. 2001 ‘Collaborative buyer–supplier relationships in Hong Kong manufacturing firms’, Supply Chain Management, vol. 6, no. 4, pp. 152-62.

Kramer, A 2003, Common sense principles of contract interpretation (and how we’ve been using them all along), Oxford Journal of Legal Studies, vol. 23, No. 2, pp. 173-196.

Kumar, S., Hong, Q. S., &Haggerty, L.N 2011, ‘A global supplier selection process for food packaging,’ Journal of Manufacturing Technology Management, vol. 22, no. 2, pp.241-260.

Lambert, D.M 2008, Supply chain management: processes, partnerships, performance, Supply Chain Management Institute, Jacksonville, FL.

Matanda, M. & Schroder, B 2002, ‘Environmental factors, supply chain capabilities and business performance in horticultural marketing channels,’ Journal of Chain and Network Science, vol. 2, no. 1, pp. 47-60.

Petison, P. & Johri, L 2007, ‘Driving harmony: philosophy of Toyota Motor Thailand,’ Strategic Direction, vol. 22, no. 11, pp. 3-5.

Szwejczewski, M., Lemke, F. & Goffin, K. 2005. ‘Manufacturer-supplier relationships: an empirical study of German manufacturing companies’, International Journal of Operations & Production Management, 25(9): 875-897.

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