Questions

Provide answers to all of the questions below

1. Identify and briefly describe at least three ways an employee could use to
establish and maintain business relationships to develop business opportunities.

❖ Networking
➢ An employee can establish and maintain business relationships by
attending business events, conferences, seminars, and trade shows. In
such circumstances, they can meet potential clients, industry peers, and
leaders, and strike up conversations that can lead to new business
opportunities.
❖ Collaborating with existing clients
➢ It's essential to maintain a good working relationship with existing
clients. Employees can engage with clients regularly and inquire about
their business goals and needs. By doing so, they can identify areas
where the company can provide additional services or products.
❖ Social media
➢ Social media platforms such as LinkedIn, Twitter, and Facebook provide
employees with an excellent opportunity to establish and maintain
business relationships. By sharing insights, engaging in discussions, and
networking with others in the industry, employees can get their names and
the company's name noticed by potential clients and partners.

2. Explain the concept of networking and discuss at least five benefits of

networking.

❖ Networking can be defined as the act of establishing and maintaining

relationships with people for professional or social purposes. It involves
interacting with colleagues, peers, clients, and other professionals in your
industry with the aim of building connections, exchanging information, and
creating opportunities for growth.

Here are five benefits of networking:

➢ Access to Information: Networking provides an opportunity to share
information, experiences, and knowledge with other professionals in your
industry. By participating in industry events or seminars, you can stay
informed about the latest market trends, industry news, and best
practices.
➢ Increased Visibility: Networking enables professionals to increase their
visibility by expanding their personal and professional contacts. By
attending events or meetups regularly, you can become known in your
industry, which can lead to increased business opportunities.
➢ New Business Opportunities: Networking can create new business
opportunities as it enables professionals to connect with potential
clients, partners, or investors. For instance, attending a business
network group event could create opportunities for new business deals.
➢ Career Advancement: Networking offers career advancement opportunities.
By building a network of professionals, you become aware of new job
openings, learn new skills, and build relationships with people who can
recommend you for career opportunities.
➢ Personal Growth: Networking provides a platform for personal growth and
development. You can learn new leadership skills, improve your
communication skills, and build confidence by networking with others. By
expanding your knowledge and skills, you become more effective in your
profession.

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 3. Explain formal and informal business networks and give an example of each.

Network Description Example

Formal ❖ A formal network is a ❖ Examples of formal networks
structured, organized system of include company-wide emails,
communication and information- regular meetings, and
sharing that follows specific management reporting
rules and procedures. It is structures. They also include
established by a company or formal training programs,
organization to facilitate employee performance
communication and collaboration evaluations, and internal
between its employees or auditing processes.
members.
Informal ❖ An informal network is an ❖ Examples of informal networks
unstructured, unofficial system include social media groups,
of communication and word-of-mouth communication,
information-sharing that occurs and informal mentoring
among individuals in an relationships. For instance,
organization or social group coworkers who have similar
outside of the formal channels. hobbies might form a social
It is created spontaneously by group on Facebook to share
the members of the organization information and stay
or group themselves, rather than connected outside of the
being established by the office.
organization's structure or
management.

4. Using the Internet, identify an association or network in your state or territory

that a Manager may wish to join to develop business networks. Write down the name
of the association or network, its purpose and at least one benefit of joining the
association.

❖ The Executive Connection (TEC) is an association based in New South Wales that
brings together business leaders from various industries to network and develop
their leadership skills. TEC's purpose is to offer a supportive and confidential
forum in which executives can discuss their business challenges, explore new
ideas, and receive guidance from experienced mentors.

One benefit of joining TEC is the access to a diverse group of business leaders
who share their experiences and insights. Members are encouraged to participate
in monthly peer advisory meetings where each member can share their business
challenges and receive feedback and advice from their peers. Additionally, TEC
provides resources and tools to help members develop their leadership skills and
stay up-to-date on the latest industry trends and best practices.

5. List four characteristics of an effective business negotiator. For each

characteristic, explain why this is important for effective business negotiation.

❖ Good Communication Skills

➢ A good negotiator must have excellent communication skills to convey
their message clearly and effectively. The negotiator must understand the
needs and concerns of both parties articulate their position and offer
persuasively.
❖ Creativity
➢ In business negotiations, there are often multiple solutions to a
problem. A successful negotiator must be able to think outside the box
and come up with creative solutions that meet both party's needs.
❖ Patience
➢ Business negotiations often take time and can be complex. A skilled
negotiator must be patient and have the ability to remain calm during
heated discussions to ensure the best agreement is reached.
❖ Preparation
➢ Preparation is key to every successful negotiation. An effective

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 negotiator familiarizes themselves with the other party's interests and
priorities before the negotiation. This helps the negotiator anticipate
and counter offers, requirements, and concerns, and lead the conversation
towards their desired outcome.

Overall, these four characteristics are important for effective business

negotiation because they enable a negotiator to clearly present and articulate
their position, think of creative solutions that meet both parties, remain calm
and composed during negotiation discussions, and be prepared to address any
issues or concerns that may arise during the negotiation process.

6. Briefly explain the concept of a win-win negotiation.

❖ A win-win negotiation is an approach to negotiation in which both parties aim to

find a mutually beneficial outcome that satisfies the interests and concerns of
all parties involved. This approach differs from a win-lose negotiation, in
which one party's gain is equivalent to the other party's loss. In a win-win
negotiation, both parties prioritize collaboration and creative problem-solving
to find a solution that works for everyone. This approach can lead to long-
lasting partnerships and successful outcomes, as all parties feel satisfied with
the negotiation. Win-win negotiation can also be referred to as a collaborative
negotiation.

7. List three factors that would make a negotiation more likely to succeed.

❖ Trust and rapport between the negotiating parties

➢ If both parties have a good working relationship, they are more likely to
listen to each other's proposals and make concessions.

❖ Shared interests and goals

➢ When both parties have common interests and goals, negotiations are more
likely to succeed because both parties can work towards a mutually
beneficial outcome.

❖ Communication skills
➢ Good communication skills are essential for effective negotiation.
Parties who are able to communicate their needs, concerns, and
preferences clearly and effectively are more likely to work out a
successful negotiation.

8. List three organisational policies and procedures relevant to business

relationships.

❖ Code of Ethics
➢ A code of ethics outlines the expected behavior of employees and other
stakeholders in all business relationships. The code serves as a
guideline on how to conduct oneself ethically and fairly in interactions
with partners, clients, suppliers or customers.
❖ Supplier Management Policy
➢ A supplier management policy outlines the procedures and processes that
an organization needs to follow when working with suppliers. The policy
serves to ensure that supplier relationships are effective and efficient,
and that suppliers comply with organizational standards, policies, and
regulations.
❖ Customer Service Policy
➢ A customer service policy outlines the expectations of how employees
should interact with customers and other business partners. This policy
ensures that the relationship with the customer is based on mutual
respect and professionalism, and that the employees are trained and
empowered to provide quality customer service.
9. Explain the purpose of a relationship management plan and how it can assist in
developing and maintaining business relationships.

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 ❖ A relationship management plan is a strategy that outlines how an organization
will build, maintain, and enhance relationships with its stakeholders, including
customers, suppliers, partners, and employees. The main purpose of a
relationship management plan is to help an organization create sustainable
relationships that are mutually beneficial and aligned with the organization's
goals.

By implementing a relationship management plan, an organization can:

❖ Identify key stakeholders

➢ A relationship management plan helps identify the key stakeholders
that an organization needs to engage with to achieve its goals.
This ensures that resources and efforts are channeled effectively
and aligned with the business goals.
❖ Define objectives
➢ A relationship management plan outlines the objectives of the
organization's relationships with stakeholders, which may include
generating revenue, building loyalty, increasing productivity,
etc. These objectives help to establish clear priorities and
enable the organization to measure its success.
❖ Establish communication channels
➢ A relationship management plan defines the communication channels
the organization will use to interact with stakeholders. These
channels may include email, phone calls, meetings, or social media
platforms. By establishing clear communication channels,
stakeholders can quickly reach out to the organization, which will
improve transparency and provide an avenue for feedback and
addressing grievances.
❖ Allocate resources
➢ A relationship management plan helps an organization allocate
appropriate resources to enhance relationships with stakeholders.
This will help to ensure that stakeholders feel valued and will
facilitate the pursuit of mutually beneficial goals.
❖ Measure success
➢ A relationship management plan sets out metrics to measure the
success or otherwise of the organization's relationship management
efforts. These metrics may include satisfaction levels, revenue
generation, productivity, referrals, retention rates, etc. By
measuring its performance, the organization can consistently
improve its relationship management strategy and focus its efforts
to areas that need improvement.
Overall, a relationship management plan is a valuable tool for developing and
maintaining business relationships. It helps organizations enhance their
stakeholder relationships, which can lead to increased satisfaction, loyalty,
revenue generation, and positive word-of-mouth about the organization's brand.

10. List three methods for obtaining feedback on business relationships.

❖ Surveys
➢ Surveys are one of the most common methods used to obtain feedback on
business relationships. They can be distributed via email, phone or other
online platforms and collect quantitative and qualitative information
about the relationship between the organization and its stakeholders.
Surveys can cover various aspects, including customer satisfaction,
product or service quality, supplier performance, or employee engagement.
❖ Focus groups
➢ Focus groups are a qualitative method of obtaining feedback on business
relationships. They involve gathering a small group of stakeholders
together to discuss their experiences with the organization, its products
or services. Focus groups provide an opportunity to delve more deeply
into issues while offering a chance for open communication, and
participants can share their perspectives with each other in a
facilitated setting.

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 ❖ Interviews
➢ Interviews are another effective method for obtaining feedback on
business relationships. They can be conducted face-to-face, through video
conferencing or via phone. Interviews provide a structured format for
collecting feedback that allows stakeholders to share their ideas,
concerns and opinions in a more personalized and tailored way. This
approach can help to reveal insights that are not easily captured through
surveys or focus groups.

References:
❖ Lian Parsons 2022, How to Build Business Relationships, Professional Development Harvard,

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 viewed August 10,2023 <https://professional.dce.harvard.edu/blog/how-to-build-business-
relationships/>
❖ Five Benefits of Networking, SBBC, viewed August 10, 2023
<https://smallbusinessbc.ca/article/five-benefits-networking/>
❖ Hashaw 2019, What Is the Difference Between an Informal & Formal Organization?, CHRON,
viewed August 10, 2023 <https://smallbusiness.chron.com/difference-between-informal-
formal-organization-18282.html>
❖ Networking in business, Queensland Government, viewed August 10, 2023
<https://www.business.qld.gov.au/running-business/marketing-sales/marketing/business-to-
business/networking>
❖ 10 Winning Characteristics Of Successful/Effective (Win/Win) Negotiators, Situational
Communication , viewed August 10, 2023 <https://www.situationalcommunication.com/10-
winning-characteristics-of-successfuleffective-winwin-negotiators/>
❖ 3 Elements of an Effective Negotiation, The Lowry Group, viewed August 10, 2023
<https://lowrygroup.net/blog/3-elements-of-an-effective-negotiation/>
❖ 10 Examples of Policies and Procedures in the Workplace, Indeed, viewed August 10, 2023
<https://au.indeed.com/career-advice/career-development/examples-of-policies-and-
procedures-in-the-workplace>
❖ Will Kenton 2023, Investopedia, viewed August 10, 2023
<https://www.investopedia.com/terms/r/relationship-management.asp#:~:text=Relationship
%20management%20refers%20to%20a%20strategy%20that%20helps%20them%20establish,new
%20relationships%2C%20and%20increase%20profitability.>

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