MARKET EXCHANGE AND PARTNERSHIPS ARE THE TWO RELATIONSHIPS THAT ARE FOR TANGIBLE OR INTANGIBLE GAINS.
What is an external relationship???
In today’s business world, organizations increasingly depend upon developing external relationships to remain competitive.
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.
Two common types of external relationships are market exchanges and partnerships. External relationships provide access to additional information and financial resources, which ideally results in increased profitability and success. Yet, forming relationships involves associated risks, and debate continues about how to best realize benefits and minimize costs
Developing the right relationships depends on implementing explicit strategies that are built upon an understanding of relationship fundamentals
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