https://www.youtube.com/watch?feature=player_detailpage&v=rPKuL0vQkgo Watch the

Question

https://www.youtube.com/watch?feature=player_detailpage&v=rPKuL0vQkgo
Watch the above link, it's a you tube video.....
Tessa and Nathan Hartnett (Australian entreprenuers) discuss finding the right suppliers for one of their e-commerce businesses (ladies specialty hats for derbys).  Discuss the following

-  the factors Tessa and Nathan considered prior to deciding on a supplier,
-  risks associated with their decision (consider start-ups as suppliers) and
-  how can they minimize risk. please answer in 200 Words..

Explanation / Answer

The factors Tessa and Nathan considered prior to deciding on a supplier are as follows:

The risk associated with their startups as suppliers are as follows:

They can minimize the risk of not meeting the customers demand when ordered in high volume by contracting another company as independent contractor whereby if there services are needed they can help to ease out the situation in case of high demand season.

The price of the product can be made reasonable and low for end customers by cutting down its cost of making by putting a effective cost management team and strategies in place.

The focus shall be to make demanding products in abundance and other items in less number by rightly for casting the sales and choices of customers and employing a good feedback system.

There shall be a quality management team which shall focus on maintaining the same standard of products even if there is significant change in employee.

The contract shall be made with vendors other stakeholders in the right manner so that there is no disruption of services or relationship.

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