Question

Discuss the role that trust plays in the relationship between Whirlpool Corporation and Inland Steel, including how trust impacts longevity of the supplier relationship and decision making. Provide examples from the case that illustrate trust within this business relationship.

Answer 1

Trust plays a crucial role in the Whirlpool Corporation and Inland Steel relationship, impacting longevity and decision-making.

Step-by-step explanation:

Trust plays a vital role in the relationship between Whirlpool Corporation and Inland Steel. It impacts the longevity of the supplier relationship and decision-making processes.

Trust between the two companies allows for better collaboration, effective communication, and reduced transactional costs. For example, when Whirlpool shares its proprietary information with Inland Steel, it shows trust in the supplier's ability to maintain confidentiality.

Furthermore, trust positively influences the decision-making process. When there is trust between these companies, they can rely on each other's expertise and make decisions jointly. This leads to improved efficiency, higher quality products, and mutual benefits.