PARTNERSHIP

Partnership

Partnership

Introduction

Nowadays it has become a very common business practice for companies to merge their business with some other companies in order to earn profits. Companies in the whole world are competing with each other to win the race and become the number one seller company. Earlier companies used to compete in the same market within the same country. But now the situation has differed a lot. Companies are entering in the global markets. In today's world globalization has completely changed the thinking of the business world. Globalization has brought opportunities for the local business to expand their network across the world. It has helped the economies of the world in getting more connected to each other. When partnerships are done at an international level then it becomes easier for the customer to purchase his or her favourite brand's product. And not only products but people can also purchase services that are being provided by such partnership business.

These partnerships also help in filling the gap of the quality in many countries. Partnerships are done in business all over the world. However, before beginning any kind of partnership firms should make sure that they have the same ideas, targets and visions. There are many types of partnerships some are done on domestic level. Some include partnerships among one local and one foreign brand. But it is obligatory for a successful partnership to have both the partners work efficiently and equally hard. It is obvious that companies are dependent on each other while committing to a partnership business. One of the writers, Kellior in his book says that commitment plays a vital role in partnership(Keillor ,89-97). Companies struggle hard to enter into the business with reputable firms so that their business flourishes. Global market has given ample opportunities to the companies to establish their businesses across different countries and generate revenue for themselves. Here are many companies that merge in order to start a philanthropic project. Such as that of PepsiCo and Water.org companies that have began a joint venture to give access to safe water to the needy people. This can help to built good relationships in the market with other stakeholders as well. Such projects help to strengthen the community (Hammel & Denhart, 2007, p.157).

Discussion

Marketing is defined by the Charted institute of Marketing as 'Management process responsible for identifying, anticipating and satisfying customer requirements profitably.' Companies have gradually understood the gist of trapping the customers' need (http://www.businessballs.com/market.htm). In order to compete smartly in the market the companies need to efficiently develop the knowledge and skills. Today, globalization has broken down the barriers among countries. Now countries can not only start a business in their own country but they can also earn profit from foreign countries. The global companies operate while considering that the whole world is a single unit. They give equal quality of their products regardless of the country. In other words globalization is bringing variety of demands along with closure of gap amongst economies ...