I like the presentation way for this idea
what phase is considered to be the test for both parties?
what is the commitment phase?
Four Major Developmental Phases
Strategic partnerships experience four major developmental phases.
The length of phases and transitions between phases will vary due to cultural and/or social differences.
Managers should be aware of the current phase of the relationship and evaluate decisions based upon how they impact the development of the relationship.
Dissolution can occur at any time when incompatibilities exist between partners as the relationship develops.
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The awareness phase begins before any transactions actually occur.
During this phase, partners are locating, identifying and qualifying various prospects. Since no transactions take place, company image and reputation are weighed heavily during this phase
The exploration phase is considered the test for both parties.
During this phase, parties engage in exchanges to explore potential partnership costs and benefits. Although neither side has committed to a relationship at this point, each transaction between the two parties tests each of their capabilities.
After both parties prove that they are capable of performing as needed, the partnership will move to the expansion phase.
In this phase, additional business interactions focused on a long-term relationship are investigated. The expansion phase may be time consuming because it requires extensive research to be conducted both internally and externally
A contract, or at least a verbal commitment, for a certain period of time must take place for the commitment phase to begin.
This stage is usually the final and most complex stage of a strategic relationship. During this phase, the details of the transactions are decided, including initial investments that will be made into the partnership and specification of how returns will be divided among the partners.
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