Success of Joint Ventures

 

With the changing technology, competition, and government initiatives, most organizations jointly engage in a relationship with other companies to find supplements and gain access to other services from a third-party organization. Creating relationships enables organizations to acquire raw materials that may be very expensive to manufacture locally (Schruijer, 2020). It would be very overwhelming if appointed to become a manager that can manage both the internal operations of the organization and the external relationship of other companies away from the standard industrial setup.  Therefore, I would ensure that I build a strong vendor relationship with other managers by communicating effectively when assuring cooperation in making firm business ties. I will ensure that I set reasonable goals that align with other organizations’ citations and capabilities.

Being appointed as the manager of the inter-organization relationship, I will build a clear understanding of the organizational ecosystem. Therefore, as a manager, I will be accountable and transparent in making timely decisions that can assist other organizations in achieving their goals. Occasionally I will interact and engage with other external organizations to build strong relationships with vendors and suppliers. The organization and its management will respect external suppliers and vendors to feel like the organization (Brattström & Faems, 2020). I will partner with other external stakeholders from different companies to solve disputes and strengthen social relationships in a situation and misunderstandings. Occasionally I will maintain proper documentation of organization records to ensure clarity and maintain the social relationship. As the head of the organization ecosystem, I will use the best practice to enhance the relationship with other companies while maintaining internal responsibilities.

Factors to be considered for the success of joint ventures

China is succeeding in joint ventures because they plan their preferences carefully to achieve their aims.  In this case, China planned to purchase the company outright so that they could take complete control of business operations, while the other countries always considered taking that concern. Occasionally Chinese companies were very flexible and ready to handle any financial risks even if investing in the US was a bit complex and competitive business environment (Meltzer & Shenai, 2019). Furthermore, Chinese companies made extensive innovations and developed unique products with high market demand. Occasionally Chinese companies made continuous open communication with their donors and stakeholders to build a strong venture agreement on financial allocations and the expected length of the deal. During industrial operations, managers strictly manage the organization’s performance to ensure quality products are produced. Therefore, through establishing performance measures, China set targets to make quality products that trend in the US market.

References

Brattström, A., & Faems, D. (2020). Interorganizational relationships as political battlefields: How fragmentation within organizations shapes relational dynamics between organizations. Academy of Management Journal, 63(5), 1591-1620.

Meltzer, J. P., & Shenai, N. (2019). The US-China economic relationship: A comprehensive approach. Available at SSRN 3357900.

Schruijer, S. G. (2020). Developing collaborative inter-organizational relationships: an action research approach. Team Performance Management: An International Journal.

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