complementary (adjective, com-ple-men-ta-ry, \ ˌkɑːmpləˈmentəri \) relationships (noun, re-la-tion-ship, \ rɪˈleɪʃənʃɪp \)
Definition: are a mutual agreement between two (or more) businesses, which involves them equally contributing to the relationship and doing everything necessary to sustain the success of both of them, even if they don’t offer the exact same product or have different marketing behavior and operation patterns. A firm can establish a complementary relationship with another business, which offers goods or services that are similar to or relate in some way to that firm (for instance, when a gym and sports clothes store establish a business agreement between each other). However, the complementary partner of a business can operate in a different market segment. For instance, cinemas may sell ice cream under the agreement between two businesses.
In a Sentence:
- Complementary relationships help businesses grow their influence on the market faster and gain more revenue.
- If we want to attract more consumers, we should think about establishing complementary relationships with other businesses in this field.
- Being in a complementary relationship with another firm, your business may find more distribution channels.
Synonyms and related words: business relationships, trade relationships, complementary financing, complementary demand
