Talk:Business relations

Business Relations (Anita)

Existing Article:

https://en.wikipedia.org/wiki/Business_relations Business relations are relations between stakeholders in the business process, such as employer–employee, the employer/employee and business partner, employer/employee–outsourced employee relations, etc. Business relations begin by establishing a relationship through channels such as telephone, personal contact, and e-mail, and are maintained and deepened through similar channels. The aim of business relationships within the company are motivation to work and loyalty; objectives of business relationships with external stakeholders include improving company image, developing brand loyalty, and improving sales. Summary:

Business relations are connections between different entities in the business process. It typically refers to connections between stakeholders, employers and employees, employers and business partners, and all companies with which the company is associated. For example, one company’s business relations may consist of customers, vendors, sales leads, potential customers, banks, stockbrokers, municipal, state, and federal government agencies.

Business relations are very important in business because it involves the development and maintenance of strong relations with the different business entities. Companies that make a strong effort to create and maintain these relationships may end up more successful than those that do not invest time in business relations. This is important on many different levels. For example speaking extensively with customers will keep loyalty to the company for a longer-term. Keeping employees happy is also important because it allows more efficiency and hard work.

There are many different forms through which business relations are maintained. Primarily, these relations are through face-to-face interactions, emails, phone calls, and social media. There have been many research studies suggesting that multiple modes of communication are important to build strong business relationships. Face-to-face interactions are typically the most effective due to the in-person communication aspect, as it allows people to form stronger ties. The more communication and longer the interaction between two entities, the stronger their relationship.

Research suggests that relationship value is the first step before relationship quality and behavioral outcomes. Relationship value shows a stronger impact on satisfaction than on commitment and trust. It also impacts a customer’s decision to work with the business. If a company’s goal is to increase their business with an existing customer, they should increase the relationship value. Business relations may also vary from country to country based on cultural norms.

There are many different industries within which business relations are important. A relationship with a High Net Worth client within Asset Management will be very different than a relationship with a Marketing client. There are also Business to Business and Business to Customer relationships, where the relationships will greatly vary. In all of these cases, the common theme is that business relations help a business succeed and perform better than competitors.

Proposed Outline and Sources:

1) Introduction: -- What are business relations?	(http://www.investopedia.com/terms/b/business-relations.asp) -- A little about the history of business relations.		-- A bit about the idea of non-contractual relationships, perhaps giving a background to the beginning of business relations (http://search.library.cmu.edu/vufind/Summon/Record?id=FETCH-jstor_primary_20904583) -- A little about the future of business relations.

2) History/ Research done on business relations (Case Studies): -- Earliest cases of business relations. -- Notable cases on business relations. --Previous research on business relations.	( http://www.inc.com/guides/201101/how-to-build-better-business-relationships.html)

3) Aim of business relations: -- Research about gains in motivation and loyalty. (http://search.library.cmu.edu/vufind/Summon/Record?id=FETCH-LOGICAL-c1756-13c151344b7b751f5e5b38c9b7ee734586aa4df042730a4c58227d8b5fe177ee3) 	--Trust in business relations (http://search.library.cmu.edu/vufind/Summon/Record?id=FETCH-LOGICAL-c1558-f4a9b25065557e6bfcc1dee146430923f742c4ef812c9f5dc81b655362dc3c9f3) (http://www.forbes.com/sites/dorieclark/2014/03/11/4-ways-to-build-meaningful-business-relationships/) -- Research about improving company image -- Research about other benefits of business relations. (http://www.jstor.org/stable/1251912?seq=1#page_scan_tab_contents)

4) Types of business relations: -- Business relations with stakeholders. -- Business relations between employers and employees -- Business-government relations http://search.library.cmu.edu/vufind/Summon/Record?id=FETCH-LOGICAL-c1581-96c806a9b6a322664c976d2fc03c381f1f250510c1bcaabab8242db04a55256c3 -- Other types of business relations?

5) Relevance of business relations in different industries:	-- Entrepreneurship, Technology, Marketing, Finance etc.	-- Producer, consumer	-- B2B, B2C (http://www.gallup.com/businessjournal/179378/building-exceptional-business-business-relationships.aspx)

6) How to build strong business relations:	-- (http://www.virgin.com/entrepreneur/8-tips-relationship-building-business) 	-- (https://hbr.org/2014/12/5-steps-to-building-great-business-relationships)

7) Channels of business relations:	-- Verbal vs. Written vs. Technological: (http://online.wsj.com/ad/article/globaltravel-face) 	(http://www.ey.com/GL/en/Services/Advisory/EY-your-digital-world-realized-microsoft-alliance-overview ) -- Research on telephone relations -- research on personal contact relations -- research on email relations -- research on face-to-face interactions

8) International business relations: -- Historical international business relations	 --(http://search.library.cmu.edu/vufind/Summon/Record?id=FETCH-proquest_abstracts_13124159422) -- Current international business relations -- Use of technology with business relations -- Canada and the US http://search.library.cmu.edu/vufind/Summon/Record?id=FETCH-LOGICAL-g1394-e5b75e27fe639f20a3c4aa520582d3664fcda8734d5ca0370f17cc2334fe34213 -- Africa and Asia http://search.library.cmu.edu/vufind/Summon/Record?id=FETCH-proquest_abstracts_368145033 — Preceding unsigned comment added by Aramamur (talk • contribs) 19:51, 12 October 2015 (UTC)