Develop a Partnership Relationship Management (PRM)

Partnership Relationship Management (PRM)
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Partnership Relationship Management (PRM) Whitepaper
Executive Summary
In the competitive world of globalization, businesses are struggling to meet unpredictable client expectations while at the same time trying to meet quality standards for active competitions. The company that reaches the market first and creates an effective impact on the client stands to gain even as others struggle to compete for the same target clients. In the process of meeting these demands, internal and external business relationships play a crucial role in the success of any business. According to Karyotakis and Moustakis (2014), the process of connecting to other people and entities has become a survival strategy in meeting quality standards, understanding the market, and overcoming competitors while at the same time driving revenue to achieve the mission and goals of the firm (Su, 2016). Businesses are no longer concentrating on in-house operations alone. They are moving towards strategic alliances that help them generate revenue for organizational growth. The advantage of creating a partnering culture in the organization is that it positions the company ready to undertake future changes and remain relevant even in the areas where businesses are closing down and exiting the market. This white paper intends to inform the Blue Way Motors (BWM) the best model of partnering that will help the company navigate challenges in the market while at the same time driving revenue for organizational goals and missions. The advantage of BWM accruing a partnership culture is that it enhances openness, transparency in operations, agility, creativity, and resiliency.
Characteristics of effective partnerships
Partnerships are created where two or more people realize the need for working together to accomplish a common goal (Akgun, Ince, Imamolu, & Keskin, 2014). In most cases, businesses may decide to form strategic alliances to compete effectively in the competitive market as they reduce the risks associated with venturing in new markets. Strong partnerships are created when the businesses realize the goal of maintaining connectedness and building strong relationships. The process of creating and managing relationships comes at a cost to some companies as they make wrong decisions in managing partnerships. The advantage of operating from vibrant collaborative minds positions the firm ready to compete with existing and potential competitors, leading to useful results in the organization and its affiliate partners. Smart partners possess unique characteristics that are evaluated in this section.
Partnerships are created voluntarily
Relationships from partners will only provide viable results when each party realizes the need for creating a partnership and prepares to commit everything for the success of the expected outcomes. GRM management should understand that forced alliances threaten the success of the firm as there will be mismanagement of information and resources when partners are not committed to the common goals. If for instance, the goal is to beat competitors in the market, the firm should start by identifying a partner that has similar interests in the market and perhaps facing similar challenges. Hana (2013) explains that partnerships will only succeed if the parties have defined goals, mutual interests in the market, and are committed to building trust through the exchange of information.
Every partner wants to be equal in power and accountability
In any strategic partnership, every party perceives themselves equal in power and accountability, and nobody wants to be undermined. BWM should give partners an opportunity to grow. Partnerships should be an opportunity for appreciating other’s strengths and weaknesses. Any attempt to take advantage of another party will create friction and conflict. The dedication of roles and responsibilities can, however, be done based on the competencies of each of the parties. If one of the parties is experienced in a given area, the allocation of roles and responsibilities can be done after consulting other parties. Nobody should assume responsibility without clear communication to other parties.
Every partner has equal access to information and knowledge regarding the business
According to Isoraite (2009), equal partners have equal access to information and power. None of the parties should hold crucial information as it is the one that is used for making critical business decisions. If one of the parties strikes a business idea or information that will lead to a breakthrough in the market, he should share with other parties for the welfare of the firm. None of the partners has the freedom of using the information maliciously.
Partners are always in search of opportunities
No party should sit back and let other parties perform the function of researching the market. The goal of coming together is to build on one another’s strengths and weaknesses for the common good of the firm (Su, Kim, Hong, & Kim, 2009). Partners do not seek to be right. They want to share their opportunities with other parties with the hope that they will be advised on the best decision to make.
Partners celebrate their success and failure together.
The best thing about partnerships is that there are higher chances for success. This does not, however, guarantee success forever. There are times when an idea that is supported by the whole team costs the business (Baxter, Bedard, Hoitash, & Yezegel, 2013). When this happens, none of the parties should be blamed. All decisions are considered corporate, and the outcomes have to be shared, whether desired or undesired.
Suitable Model for PRM in Blue Way Motors Inc.
The difference between customer relationship management and partner re...