BSBTWK401 TASK 1

docx

School

King Mongkut's Institute of Technology Ladkrabang *

*We aren’t endorsed by this school

Course

BSBMKG609A

Subject

Business

Date

Jun 1, 2024

Type

docx

Pages

Uploaded by rassarinsoon

Assessment Task 1: Knowledge Test 1.1. What are business relationships? Write your answer in 100-150 words. Business relations are the connections that exist between all entities that engage in commerce. That includes the relationships between various stakeholders in any business network, such as those between employers and employees, employers and business partners, and all of the companies a business associates with. A company's business relations may include a long list of customers, vendors, sales leads, potential customers, banks, stockbrokers, the media, and service providers. Business relations can also involve municipal, state, and federal governmental agencies. Essentially, business relations are all of the individuals and entities with which a business is connected or expects to have a connection, whether internal or external. 1.2. Explain any four (4) strategies that you can use to establish business relationships. Write your answer in 150-200 words.  Stay in contact and establish reliable communication on a regular basis. This can be done through mediums such as professional social media, i.e. Linkedin.  Be a professional friend. Build a network, build a relationship but remember that the world sees everything that you do through the eyes of social media and search engines so retain your professionalism.  Listen, be attentive and take on feedback from peers and colleagues. This will show that you value what they think and say.  Be honest and courteous 1.3. Explain any five (5) strategies for maintaining B2C (Business to Consumer) business relationships in 150-200 words  Communicate. As a key to any good relationship, communication is an essential way to build customer relationships. Promoting your business and listening to your customers are equally important.  Exceed expectations. Your customers expect great products or services from you. You should continue to raise the bar on what your company offers. To put it simply, under promise, and over deliver. When you impress customers, they keep coming back.  Ask for feedback. Whether customers have a good or bad opinion about your business, they will make their feelings known. Invite customer feedback to show you are listening. Place comment cards on your business counter, or conduct a survey.  Connect. With technology, there are more ways to begin conversations with your customers than ever BSBTWK401 Assessment Information Pack V1 Page 1 of 7

before. There are many online tools and social media outlets you can use to reach customers.  Show appreciation. Reward long-time customers with a loyalty discount program. You can hand out reward cards, or use a loyalty program app to track customer rewards 2.1. Explain the following methods of engaging with business contacts in 100-150 words each. a) Online/Social media networks Social media is the new easy and free way to communicate with your customers or potential customers online. Old advertising methods aren't as popular as they used to be as there is so many digital channels to interact and engage with customers on. b) Professional networks and associations Small business owners use networking as a means to form relationships with others, in like or related fields, that help to expand their business' ability to find new customers, partner and grow. A key element to effective networking is to make you known 2.2. What are the benefits of participating in professional networks and associations to obtain and maintain personal knowledge and skills? Explain any five (5) 200-250 words.  New business clients Networking events are filled with professionals which gives you the opportunity to find new clients for your company. This is especially useful for small and medium sized businesses, who may have knowledge gaps. For example, a medium sized business may not have the expertise for social media management, and may be looking to outsource this to an agency.  Access to talent If you work in recruitment, professional networking is an ideal way to fill job roles for clients and even foster relationships with people who you could find a job for in the future. By talking to people at networking events, you can already tell what sort of person someone is professionally and whether they meet your client's requirements. Increasing confidence and interpersonal skills Confidence is an important characteristic for business because, for example:  It allows you to clearly communicate your views and ideas  People will do business with someone who seems like they can deliver their promises  Assists with decision-making etc Build your status When building your career, it’s important to be visible to others - from work colleagues to BSBTWK401 Assessment Information Pack V1 Page 2 of 7

potential employers. By attending networking events, you’ll build your status within the community by building professional relationships and sharing your knowledge on topics you're familiar with, as well as providing your unique perspective on different areas of business  Assists with the exchange of information Networking is valuable for finding out about best practices, business methods and remaining on top of developments. It's useful to actively ask your network about these and to also see what your contacts are sharing online. Building personal relationships  Networking can lead to friendships which can help with career progression because this can build trust which in turn helps with business. If someone tells you about a personal opportunity, when you next see them ask about it. Seeing friends in the crowd also makes future events more relaxing and enjoyable 3.1. Briefly explain any four (4) networks, organisations, agencies, associations or individuals that a freelancer can use to build their client base in 100-150 words.  Former colleagues and bosses Let former co-workers know you are looking for freelance work and ask them to pass on your name. And don’t forget to reach out to your old boss—especially if you had a good relationship with them.  LinkedIn: Build business connections Since LinkedIn was specifically created for business and employment connections, take the time to create an impressive profile and keep it up to date. Not only do recruiters and Human Resources professionals use LinkedIn to search for both full-time and freelance talent, LinkedIn profiles usually show up near the top when your name is searched. So if a client is checking you out for a freelance gig, it can help you make that stellar first impression.  Facebook: Let friends know you are freelancing It seems pretty basic, but just letting your Facebook friends know you are freelancing widens your circle of contacts and can lead to new clients and great projects. You can also post interesting work you have done, or provide links to compelling articles to show how plugged in you are.  Instagram: Where a picture can be worth a thousand words If you work in a visual field—such as graphic design, photography, or as a web designer—Instagram is a fantastic way to showcase your work. You can also use Instagram to post other interesting projects that show off your creativity and originality, which you don’t always get to use to the fullest in your work assignments. And don’t forget BSBTWK401 Assessment Information Pack V1 Page 3 of 7

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

to use hashtags so lots of people will find your posts. 3.2. What are the different forms of networking? Write your answer in 50-100 words.  Casual contact networks These are general business groups that allow many people from various overlapping professions. These groups usually meet monthly and often hold mixers where everyone mingles informally.  2. Strong contact networks Organizations whose purpose is principally to help members exchange business referrals are known as strong contact referral groups.  3. Community service clubs Unlike more business-oriented groups, service groups aren't set up primarily for referral networking; their activities are focused on service to the community. However, in the course of giving time and effort to civic causes, you form lasting relationships that broaden and deepen your personal and business networks. 4.1. What are the seven (7) principles of negotiation that you can use to negotiate positive outcomes? Write your answer in 150-200 words. 1. Interests. Interests are “the fundamental drivers of negotiation,” according to Patton—our basic needs, wants, and motivations. Often hidden and unspoken, our interests nonetheless guide what we do and say. Experienced negotiators probe their counterparts’ stated positions to better understand their underlying interests. 2. Legitimacy. The quest for a legitimate, or fair, deal drives many of our decisions in negotiations. If you feel the other party is taking advantage of you, you are likely to reject their offer, even if it would leave you objectively better off. To succeed in negotiation, we need to put forth proposals that others will view as legitimate and fair. 3. Relationships. Whether you have an ongoing connection with a counterpart or don’t think you’ll ever see her again, you need to effectively manage your relationship as your negotiation unfolds. Relationship dynamics become all the more important when you have an ongoing connection: future business, your reputation, and your relationships with others may hang in the balance. You can strengthen the relationship by taking time to build rapport and by meeting your own high ethical standards throughout the process. 4. Alternatives and BATNA. Even as we take part in negotiations, we are aware of our alternatives away BSBTWK401 Assessment Information Pack V1 Page 4 of 7

from the table—what we will do if the current deal doesn’t pan out. Negotiation preparation should include an analysis of your BATNA, or best alternative to a negotiated agreement, according to Getting to Yes. For example, a job candidate may determine that she will start applying to grad schools if a particular job negotiation falls apart. 5. Options. In negotiations, options refer to any available choices parties might consider to satisfy their interests, including conditions, contingencies, and trades. Because options tend to capitalize on parties’ similarities and differences, they can create value in negotiation and improve parties’ satisfaction, according to Patton. 6. Commitments. In negotiations, a commitment can be defined as an agreement, demand, offer, or promise made by one or more party. A commitment can range from an agreement to meet at a particular time and place to a formal proposal to a signed contract. 7. Communication. Whether you are negotiating online, via phone, or in person, you will take part in a communication process with the other party or parties. 4.2. What are the five (5) negotiation techniques/strategies that you can use to negotiate positive outcomes? Write your answer in 100-150 words. 1. Reframe anxiety as excitement. The preparation stage of negotiation often comes with unpleasant side effects, such as sweaty palms, a racing heart, and seemingly overwhelming anxiety 2. Anchor the discussion with a draft agreement. Due to a widespread decision-making heuristic known as the anchoring bias, first documented by psychologists Amos Tversky and Daniel Kahneman, the person who makes the first offer in a negotiation is likely to sway the discussion in her favor. 3. Draw on the power of silence. In negotiation, as in any discussion, we tend to rush in to fill any uncomfortable silences that arise with persuasion techniques and counter-arguments. 4. Ask for advice. Professional negotiators often assume that asking the other party for advice will convey weakness, inexperience, or both. But in fact, in one recent study, participants rated partners who asked them for advice to be more competent than partners who didn’t ask for advice 5. Put a fair offer to the test with final-offer arbitration. When negotiating to end a dispute under the shadow of a lawsuit, you might find yourself frustrated by a counterpart’s seeming inability to make or entertain reasonable, good-faith offers. 5.1 Explain the importance of organisational communication policies, plans and procedures relevant to business relationships in 100-150 words. Policies show that the organisation is efficient and diligent, raising stability and ensuring BSBTWK401 Assessment Information Pack V1 Page 5 of 7

consistency in the decision-making process and in operational procedures allows you to treat all employees equally, ensuring uniformity and consistency in decision-making and operational procedures. The key to having your policies and procedures work well is making sure they are effectively communicated. Because the workplace is constantly changing, policies and procedures change also. Communicating your policies and procedures on a regular basis ensures that your employees are informed and on board 5.2 What are the key areas of consideration in developing communication and consultation policies and procedures? Write your 100-150 words. Consultation involves employers actively seeking and then taking account the views of workers before making a decision. It involves two-way communication with employers providing information and workers taking on the responsibility of actively participating in the process 6. How can you use the following methods for obtaining feedback on business relationships? Write your answer in 200-250 words. a) Customer feedback surveys A Feedback survey is a process used to identify or measure the happiness and satisfaction of different business entities or consumers. It is measured by following the products/services or the working environment of the company. Customer feedback surveys let you gather information about a specific goal. They could be something simple like the one question Net Promoter Score survey, or they could be more detailed and focused on a specific product or service that you offer. Customer feedback is essential to guide and inform your decision making and influence innovations and changes to your product or service. It's also essential for measuring customer satisfaction among your current customers. Getting a handle on how customers view your product, support, and the company is invaluable. b) Email and customer contact forms A contact form is a short web-based form published on a website. Any visitor can fill out the form and submit it to send a message to the site owner. Behind the scenes, your contact form triggers an email message to be generated and sent to your email inbox. Having a website without contact information is just a waste of a resource. Sure, you are able to get your name out there on the web, but without proper contact information, there's a chance search engines would never pull your site Reference BSBTWK401 Assessment Information Pack V1 Page 6 of 7

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

https://www.projectmanager.com/blog/better-customer-feedback https://www.glueup.com/blog/networking-events-growing-organization https://www.queensu.ca/secretariat/sites/webpublish.queensu.ca.uslcwww/files/files/policies/Consultation %20Guidelines%20for%20Policy%20Development.pdf BSBTWK401 Assessment Information Pack V1 Page 7 of 7

BSBTWK401 TASK 1

Related Documents