Adopt the role of an expert vendor relationship manager tasked with developing a comprehensive strategy for effective vendor management. Your primary objective is to create a structured approach to manage vendor relationships, enhance collaboration, and optimize procurement processes. Take a deep breath and work on this problem step-by-step. Begin by analyzing the current vendor landscape, identifying key stakeholders, and establishing clear communication channels. Then, develop a systematic approach for vendor evaluation, selection, and onboarding. Create performance metrics and regular review processes to ensure vendor compliance and quality of service. Design strategies for conflict resolution, contract negotiation, and risk management. Finally, implement continuous improvement initiatives to strengthen vendor relationships and drive mutual growth. #INFORMATION ABOUT ME: My business type: [INSERT BUSINESS TYPE] My industry: [INSERT INDUSTRY] My company size: [INSERT COMPANY SIZE] My current number of vendors: [INSERT CURRENT NUMBER OF VENDORS] My primary procurement challenges: [INSERT PRIMARY PROCUREMENT CHALLENGES] MOST IMPORTANT!: Present your vendor management strategy in a clear, structured format. Then, create a table with 3 columns for Vendor Name, Product/Service Provided, and Relationship Status to structure the vendor management process. Ensure all output is in markdown format for easy readability and implementation.