Topic 4 Quick Check—Strategic Partnerships

What is something you can do to find great strategic partners for your business? List the inputs you will need to operate your business (materials, parts, supplies, services) and identify companies that can meet these needs List all of the partners you will need to help sell your products and services (affiliates, brokers, distributors, retail chains) and identify those that can meet your needs Research all potential partners, select the ones that can best meet your needs, and create a strategy for approaching the ones you want to work with most All of the above are correct answers

All of the above are correct answers

How did Dan and Suzanne Marino develop important relationships in Jackson Hole? Dan used to be a ski instructor and knew a lot of people in town. Suzanne owned a popular restaurant in town for a number of years. They supported a lot of worthy causes and organizations in the area. All of the above are correct answers.

All of the above are correct answers.

To what strategic partners do the founders of DownEast Outfitters attribute their success? Makers of kayaks, canoes, and other outdoor products Companies that make and supply them with top-of-the-line clothing and furniture Numerous retailers that sell their products to the public Advertising agencies and print media companies

Companies that make and supply them with top-of-the-line clothing and furniture

Who are Dan Marino's strategic partners that help him sell his products? Hotels, banks, caterers, and wedding planners The ranchers that provide the buffalo and elk meat The slaughter houses that prepare and package his meat products All of the above answers are correct

Hotels, banks, caterers, and wedding planners

Which are strategic partners that can help sell a company's products? Accountants, graphic designers, insurance agencies Landlords, attorneys, consultants Affiliate partners, brokers, distributors, other partner businesses The providers of the raw materials, parts, and production services

NOT: Accountants, graphic designers, insurance agencies Affiliate partners, brokers, distributors, other partner businesses

Which is a sound strategy for developing effective strategic partnerships? Give all your business to one company as long as they provide consistent quality Ask for reasonable pricing in exchange for a long-term commitment from you Agree to cost-plus contract so both parties have a clear understanding of future pricing All of the above are ways to develop good relationships with strategic partners

NOT: Agree to cost-plus contract so both parties have a clear understanding of future pricing All of the above are ways to develop good relationships with strategic partners

In the video of entrepreneurs and experts in this topic, what organizations did Mike Glauser partner with to significantly lower the cost of his frozen dessert products? He partnered with the lab at a local university and included graduate students in the research and development of his products. Rather than build a production plant, he found a co-producer with a state-of-the-art facility to produce his products for a lower price than he could make them for. He got a super low-interest loan from an investor and built a state-of-the-art lab and production facility. The first and second answers are both correct.

The first and second answers are both correct.

What are the inputs Dan Marino needs to successfully operate his business, The Jackson Hole Buffalo Meat Company? Buffalo and elk meat from the local suppliers Unique products created by local artists Companies to sell his product line The first and second answers are correct

The first and second answers are correct

What are the important partnerships that Bryan Morgan, founder of Adventure Life, has created that have led to his success? Food companies around the world City and country governments around the world Tour guides and tour operating companies throughout Latin America Operators of chain hotels around the world

Tour guides and tour operating companies throughout Latin America

What are strategic partnerships? Non-compete agreements your core team members sign Non-disclosure agreements your research and development people sign Relationships with individuals or companies that can help you grow your business All of the above are correct

Relationships with individuals or companies that can help you grow your business