Suppliers need to be ready to offer some sort of motivation to Buyers to share information,...

Suppliers need to be ready to offer some sort of motivation to Buyers to share information, in instances when the Supplier is substantially more benefitted from the two-way information sharing than the Buyer benefit. agree or disagree and why?

Expert Solution

I totally agree with this statement because the business of the supplier is to sell the products. The success of their business depends on this activity and this is not the case with the buyers. The buyers have different options in the market to buy from. So the suppliers need to offer something more than what others are doing in the market to get the required information from the buyers. If the buyers share their information then the supplier will have a competitive advantage because they can use that data to analyze and gain an insight into the behavior of the buyers. Based on this analysis they can make strategic changes and attract the customers in a much efficient way. The buyers will receive a better-customized approach from the suppliers after that and they can feel important. But the suppliers should give something to the buyers in order to convince them to share the data. This will act as a motivation and also the buyers will trust the suppliers more. The business will improve and it can lead to a strong and lasting relationship.

keosha answered 9 months ago

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