How Can Businesses Enhance Their Bargaining Power?
Businesses can adopt several strategies to enhance their bargaining power:
Diversification: Reducing dependence on a single supplier or buyer by diversifying sources and markets. Vertical Integration: Controlling more stages of the supply chain to reduce reliance on external entities. Innovation: Developing unique products or services that are difficult to replicate increases bargaining power. Building Relationships: Establishing strong, long-term relationships with suppliers and buyers can lead to more favorable terms.