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 an...