In a field known for controversial supplier relationships, automotive giants Toyota and Honda have bucked the trend, leading the way in championing supplier relationships that go beyond just price. The Japanese concept of keiretsu, a close collaboration network between the vendors and the parent companies, is the underlying strategy behind Honda and Toyota's supplier relationships. They have turned arms-length relationships with suppliers into close partnerships, bringing increased efficiencies to both parties. Unlike them, American companies decided the immediate benefits of low-wage costs outweighed the benefits of investing in deep supplier relationship. Toyota and Honda succeed by combining six elements together to form a supplier partnering hierarchy. The first element is to understand how your suppliers work. Honda of America sent their engineers a year with Atlantic which later on caused Atlantic gained the first supplier status at GM. Toyota and Honda know about what price the market can bear, they work backward and analyze each cost of every component. The next element is......

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