When choosing a good or service, the first two things we usually consider are the quality and the price. Our perception of both tells us if what we are purchasing represents value for money. The concept of value for money varies from person to person and therefore from company to company.
Nonetheless, there are many other factors besides just quality and price that affect the perception of value when making any buying decision. Our opinions are formed over many years, largely influenced by our upbringing at home, school, and at work. Ultimately, they are the core values by which we all strive to live our lives and conduct business.
Apart from quality and price, other factors to consider when evaluating suppliers include:
As a business grows, the values it chooses to focus on will influence everything it does and ultimately how its customers and suppliers perceive it. As a result, these values are becoming more and more important as a way of differentiating companies and are becoming more important when choosing suppliers. The values to be considered will differ from one company to another and these differences will create a market with a mix of buyers and sellers.
When a company’s values are shared with other companies, it’s likely that they will want to collaborate and support one another so that their values are promoted in everything they do.
The values businesses use to select suppliers have a significant impact on how they select them. Because every company’s values differ, it’s important to know their core values in order to ensure they are reflected in the suppliers they choose to work with. This will ensure the values are upheld as much as possible.