The need to reduce uncertainty and maintain flexibility in today’s competitive environment is increasing. Firmsrnare looking for exchange partners who can fulfill not only price, volume and delivery requirements, but alsornmeet higher-order needs for quality, responsiveness, and innovation. This paper reviews literature inrnmanagement, economics and IT to identify the choices and challenges firms face in building effective buyer-supplierrnrelationships. Three types of governance structures are compared and contrasted: electronicrnhierarchies, electronic markets and cooperative ventures. Issues such as cost, trust and opportunism arernexplored.
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