How cooperative strategies may contribute to a firms success?
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Serving members Cooperatives can increase the financial returns to their members only through business transactions. Typical transactions include members’ delivery of produce to the cooperative for processing or marketing, or purchase of inputs and materials from their cooperative. Member loyalty is essential for maintaining a strong and successful operation - the basis for a sound cooperative business. Promoting increased member patronage should be a key element in the cooperative’s new strategy. Serving membersCooperatives that pay little attention to serving their members are unlikely to survive against the competition. In order to improve services, the cooperative must first be sure what the members want - what are their needs and priorities? Perhaps the cooperative no longer provides a service that members want, or perhaps the same service is provided better or more cheaply elsewhere. Members are more likely to make use of a cooperative if it provides responsive services at competitive prices. To be successful, a cooperative needs at least to maintain its volume of member transactions. With increased competition, it can do this only through continual improvements in services while maintaining competitive prices. Improved service may mean expanding the range of services offered to members or improving the delivery of existing services. Among the issues to consider in maintaining member loyalty is prompt payment to members for produce delivered. Cooperatives may also consider offering credit, both to keep existing members and to attract new ones. For example, a marketing or food processing cooperative may provide advance payments to its members during the growing season to be repaid after the sale of the crop delivered to the cooperative. Input supply cooperatives may provide goods on credit, to be repaid after harvest. Prompt payment and provision of credit are of course possible only when the cooperative has funds to advance to members. In a competitive market, members will increasingly seek providers who serve them best. As member service-oriented businesses, cooperatives should lead the way in providing the services they need, when they need them. Minimising costs, maximizing serviceTo be competitive, cooperatives have to offer efficient services at attractive prices. Increased efficiency means reducing or minimizing costs while maintaining or improving quality This can be achieved in a number of ways: · Through better management and use of existing facilities, equipment, finance, procedures and people.
What are cooperative strategies and why do firms use them?Cooperative Strategy refers to a planning strategy in which two or more firms work together in order to achieve a common objective. Several companies apply cooperative strategies to increase their profits through cooperation with other companies that stop being competitors.
How could cooperatives contribute to better performance from its members?Cooperatives can increase the financial returns to their members only through business transactions. Typical transactions include members' delivery of produce to the cooperative for processing or marketing, or purchase of inputs and materials from their cooperative.
What are the cooperative competitive strategies?Examples of cooperative technology strategies that have been developed and conducted by firms are: participating in R&D consortia, technology swap, sharing of technical information, pooling of resources, cross- investing in partner's R&D projects, research joint ventures, joint research and manufacturing or marketing ...
What are the benefits of cooperative strategies quizlet?A primary benefit of a network cooperative strategy is the firm's opportunity to gain access "to its partner's other partnerships." When this happens, the probability greatly increases that partners will find unique ways to share their resources and capabilities to form competitive advantages.
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