lesson 5

• What does Supplier Relationship Management (SRM) pertain to in the hospitality industry?


  It pertains to the strategic management of partnerships with suppliers.
• Why is SRM important for operational success in hospitality?


  It ensures the smooth flow of products and services required for operations.
• What activities are included in Supplier Relationship Management?


  Contract negotiation, performance review, communication, teamwork, and supplier selection.
• What is the purpose of effective supply chain management systems?


  To help companies improve cooperation by choosing the right suppliers.
• What are the key importance factors of Supplier Management in hospitality?


  • Consistent Quality
  • Innovation and Collaboration
  • Clear Communication
  • Favorable Pricing
  • Reliable Supply Chain
  • Sustainable Practices
• How do strong relationships with suppliers affect quality?


  They ensure a steady flow of high-quality goods and services.
• What can collaboration with suppliers lead to in the hospitality industry?


  New product development and unique amenities or services.
• How does SRM improve communication in hospitality operations?


  It reduces errors in orders and delays.
• What is the benefit of favorable pricing in supplier relationships?


  It can lead to better pricing and exclusive deals, reducing procurement costs.
• How does SRM contribute to a reliable supply chain?


  By working with trustworthy suppliers to prevent interruptions.
• What role does sustainability play in supplier selection?


  It allows for social and environmental responsibility in choosing suppliers.
• What is the definition of Supplier Relationship Management (SRM)?


  A multidimensional strategy for building solid and profitable relationships with suppliers.
• What is involved in strategic supplier selection?


  Identifying and choosing the right suppliers for efficient operations.
• What should criteria development for supplier selection include?


  Cost, value, dependability, environmental policies, and location.
• What is the qualification process in supplier selection?


  A systematic procedure to assess potential providers based on specified standards.
• Why is effective contract management crucial in hospitality?


  It ensures contracts meet the needs of all parties involved.
• What should clear terms in contracts outline?


  Expectations, payment terms, delivery schedules, quality standards, and performance metrics.
• What is the purpose of risk management in contracts?


  To identify and address potential risks like price fluctuations and supply disruptions.
• What is the basis of effective SRM in the hospitality sector?


  Ongoing communication and collaboration with suppliers.
• What should open communication channels with suppliers maintain?


  Regular communication to ensure transparency and address concerns.
• What is the goal of collaboration initiatives with suppliers?


  To explore opportunities for joint ventures, product development, or process improvements.
• How can performance measurement and improvement benefit an organization?


  By optimizing its capacity to advance its intended social impact effectively and efficiently.
• What should metrics and KPIs track in supplier performance?


  Quality, on-time delivery, and cost.
• What is the purpose of performance reviews with suppliers?


  To identify areas for improvement and celebrate successes.
• What does continuous improvement involve in supplier relationships?


  Collaborating with suppliers to identify and implement strategies for improvement.
• What does technology integration in SRM aim to enhance?


  Productivity, performance, and efficiency in corporate operations.
• What is the role of SRM software?


  To streamline communication, manage contracts, track performance data, and automate workflows.
• How can data analytics be leveraged in SRM?


  To gain insights into supplier performance and identify optimization opportunities.
• What is essential for building strong relationships with suppliers?


  Regular communication and keeping suppliers informed about changes.
• What should relationship management involve?


  Building trust and rapport through regular communication and joint meetings.
• What is the purpose of conflict resolution strategies with suppliers?


  To resolve conflicts in a fair and professional manner.
• What are the best practices for building strong supplier relationships?


  1. Know your supplier inside and out.
  2. Foster open communication.
  3. Collaborative innovation.
  4. Invest in technology and tools.
  5. Come up with a risk management plan.
  6. Create an issue resolution plan.
• What is the goal of supplier segmentation?


  To allocate resources by identifying primary suppliers.
• What are the four primary categories of suppliers?


  Product suppliers, service suppliers, financial providers, and business partners.
• What do product suppliers provide?


  Items or raw materials needed to make goods or services.
• What do service suppliers offer?


  Cleaning, IT, and security services required to operate a business.
• Who are financial providers?


  Stakeholders, banks, and lenders providing money to run a company.
• What are business partners in the context of supplier relationships?


  Businesses that collaborate to market, distribute, or sell products or services.
• Why is fostering open communication important with suppliers?

  It promotes cooperation and trust.
• What are some methods to ensure effective communication with suppliers?

  Email, video conferences, and group work platforms.