Suppliers Relationship at Pfizer Essay Example | Topics and Well Written Essays - 2000 words

Suppliers Relationship at Pfizer - Essay ExampleAs of tertiary quarter of 2010, the company subjected its substance revenue of $16.2 billion despite the economic recession in some parts of the world (Pfizer, 2010 c). This figure is 39% more than the total revenue of Pfizer during the 3rd quarter of 2009. (See Table I Comparison between Pfizers 3rd Quarter Revenue between 2009 and 2010 below) In the past, majority of the purchasers are searching for a wide-range of sources of raw materials provided that the supplier can offer the company the lowest market price for the same product (Gadde and Hakansson 1993, pp. 165 166). Today, purchasers are after the need to stupefy a long-term collaborative family relationship with its suppliers in order to avail cheaper high quality raw materials (Chobra and Meindl 2001 Araujo, Dubois and Gadde 1999 Bensaou 1999). In relation to the business growth of Pfizer, this report wide-range of will discuss about the importance and ways on how to pr operly manage the supply side of raw materials by establishing a good relationship with its suppliers. Aside from discussing the different degrees of involvement in which Pfizer can establish good relationship with its suppliers, this report will discuss some strategies that will enable Pfizer take a strong and long lasting relationship with its accredited suppliers. Supplier relationship management has been a common practice in supply string management of multinational companies like Pfizer. As explained by Wisner, Tan and Leong (2009, p. 95).