Piyaphon_BSBTWK601 Assessment 1

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BSBTWK601 Assessment 1 V1 Page 0 of 10 PIYAPHON WISUTTHICHON BSBTWK601 Develop and maintain strategic business networks ASSESSMENT 1

Assessment method-based instructions and guidelines: Knowledge Test Assessment type  Written Questions Instructions provided to the student:  Please refer to the Student Assessment Information Pack for full details on instructions and the pre-assessment checklist that you should check before attempting any assessment task Assessment task description:  This is the first (1) assessment task you must successfully complete to be deemed competent in this unit of competency.  The Knowledge Test is comprised of seven (7) written questions  You must respond to all questions and submit them to your Trainer/Assessor.  You must answer all questions to the required level, e.g. provide an answer within the required word limit, to be deemed satisfactory in this task  You will receive your feedback within neo (1) week, and you will be notified by your Trainer/Assessor when your results are available. Applicable conditions:  All knowledge tests are untimed and are conducted as open book assessment (this means you can refer to your textbook during the test).  You must read and respond to all questions.  You may handwrite/use a computer to answer the questions.  You must complete the task independently.  No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory.  As you complete this assessment task, you are predominately demonstrating your written skills and knowledge to your trainer/assessor. Resubmissions and reattempts:  Where a student’s answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed.  The student may speak to their trainer/assessor if they have any difficulty in completing this task and require reasonable adjustments.  For more information, please refer to the Training Organisation’s Student Handbook. Location:  This assessment task may be completed in: BSBTWK601 Assessment 1 V1 Page 1 of 10 10

☐ a classroom ☒ learning management system (i.e. Moodle), ☐ workplace, ☐ or an independent learning environment.  Your trainer/assessor will provide you with further information regarding the location for completing this assessment task. Instructions for answering the written questions:  Complete a written assessment consisting of a series of questions.  You will be required to answer all the questions correctly.  Do not start answering questions without understanding what is required. Read the questions carefully and critically analyse them for a few seconds; this will help you to identify what information is needed in the answer.  Your answers must demonstrate an understanding and application of the relevant concepts and critical thinking.  Be concise, to the point and write answers within the word-limit given to each question. Do not provide irrelevant information. Remember, quantity is not quality.  You must write your responses in your own words.  Use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups based on attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender-inclusive language should be used.  When you quote, paraphrase, summarise or copy information from other sources to write your answers or research your work, always acknowledge the source. Purpose of the assessment This assessment task is designed to evaluate student’s knowledge essential to develop and maintain strategic business networks in a range of contexts and industry settings and knowledge regarding the following:  Knowledge of the key features of organisational strategy  Knowledge of the common opportunities and risks associated with business collaboration  Knowledge of the methods for contacting potential business contacts applicable to the industry.. Task instructions  This is an individual assessment.  To ensure your responses are satisfactory, consult a range of learning resources and other information such as handouts, textbooks, learner resources etc.  To be assessed as Satisfactory in this assessment task, all questions must be answered correctly. BSBTWK601 Assessment 1 V1 Page 2 of 10 10

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Assessment Task 1: Knowledge Test Provide your response to each question in the box below. Q1: Answer the following questions: 1.1. What is an organisational strategy? What are the key features of an effective organisational strategy? Write your answer in 200-250 words. 1.2. How can you identify potential business contacts in accordance with the organisational strategy? Provide an example and answer in 100-150 words. Scenario for 1.3: You’re venturing into new markets or seeking skills and knowledge that are unfamiliar to you and your existing network. You want to identify potential business contacts to venture into the new market. 1.3: What methods would you use to identify potential business contacts to venture into new markets? Discuss any four (4) in 150-200 words. Q1.1: An organizational strategy is a plan or approach that a company uses to achieve its long-term goals and objectives. It outlines how a company will use its resources, make decisions, and position itself in the market to be successful. Effective organizational strategies share several key features. Firstly, they need to be clear and well-defined, so everyone in the organization understands the plan and their role in it. Secondly, they should be aligned with the company's mission and values, ensuring that the strategy is consistent with what the organization stands for. Thirdly, they should be adaptable to changing circumstances, allowing the company to pivot if necessary. A successful strategy also considers the competition, market trends, and the needs of customers. Additionally, it sets measurable goals and outlines the actions needed to achieve them. An effective strategy is a dynamic, forward-thinking roadmap that guides the organization toward its desired future state. Q1.2: To identify potential business contacts in line with the organizational strategy, you can start by conducting market research and networking. For example, if your organizational strategy is to expand into a new market like the tech industry, attend industry-specific conferences or join relevant online forums. You can meet potential business contacts and learn about the market's ins and outs. Networking tools like LinkedIn can be a valuable resource. You can search for professionals in BSBTWK601 Assessment 1 V1 Page 3 of 10 10

your target industry, connect with them, and initiate conversations to explore collaboration opportunities. By actively participating in industry events and connecting with the right people, you align your business contacts with your strategy, increasing the chances of success. Q1.3: When venturing into new markets or unfamiliar territories, identifying potential business contacts is crucial. Here are four methods to help you achieve this: 1. Industry Conferences and Trade Shows: Attend events and trade shows related to the new market. These gatherings often attract key players and experts. Engage in conversations, attend seminars, and exchange contact information. 2. Market Research: Conduct thorough market research to identify potential partners, customers, or suppliers. Analyze industry reports, business directories, and trade publications to find contact details. 3. Online Networking: Utilize social media platforms like LinkedIn and industry-specific forums. Connect with professionals in the field, participate in discussions, and reach out to individuals or companies that align with your strategy. 4. Chamber of Commerce or Trade Associations: Join local or international chambers of commerce and industry-specific associations related to your new market. These organizations often provide networking events and directories of key contacts. BSBTWK601 Assessment 1 V1 Page 4 of 10 10

Q2: Answer the following questions: 2.1. Explain any five (5) common risks associated with business collaboration in 150-200 words. 2.2. What are the common opportunities associated with business collaboration? How can business evaluate the opportunity to collaborate with business contacts? Write your answer in 150-200 words. Q2.1: Business collaborations come with various risks that organizations should be aware of: 1. Conflict of Interest: One common risk is that collaborating businesses may have conflicting interests or goals, leading to disputes and disagreements that can hinder the collaboration's progress. 2. Intellectual Property Concerns: Sharing sensitive information or intellectual property with collaborators can pose a risk of theft, misuse, or unintentional disclosure, potentially harming your competitive advantage. 3. Unequal Contribution: In some collaborations, one party may contribute significantly more than the other, creating an imbalance that can lead to dissatisfaction or even legal issues. 4. Reputation Damage: If a collaborating partner engages in unethical or harmful practices, your association with them can negatively affect your brand's reputation. 5. Dependency on Partners: Overreliance on a collaborator for critical resources or expertise can become a vulnerability, as your success becomes tightly linked to the other business's performance and decisions. Q2.2: On the other hand, business collaborations present various opportunities. They enable businesses to leverage complementary skills, resources, and expertise to tackle complex projects or explore new markets. Cost sharing in collaborations can make projects more affordable, expanding business opportunities. Collaborations can also aid in market expansion, granting access to new customer segments and driving growth. Knowledge exchange and skill development through collaborations can enhance innovation and competitiveness. Furthermore, risk mitigation occurs when businesses share risks with partners, providing a safety net during challenging times. To evaluate collaboration opportunities, businesses should analyze potential partners, considering their reputation, alignment with goals, and specific benefits they bring. They should also assess the legal and financial aspects through well- structured agreements, taking into account both short-term and long-term impacts on their operations and strategic objectives. BSBTWK601 Assessment 1 V1 Page 5 of 10 10

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Q3: Scenario: You’re working in the human resource (HR) recruitment agency. Part of your job role requires you to contact several businesses and employees. Q: Evaluate any four (4) different methods you can use for contacting potential business contacts applicable to the industry given in the scenario above and discuss their advantages and disadvantages in 250-300 words. 1. Phone Calls:  Advantages: Phone calls allow for direct and immediate communication. They provide a personal touch and enable you to build rapport quickly. It's also easier to convey nuances and gauge the other party's response in real-time.  Disadvantages: Phone calls can be time-consuming, and not everyone may be available when you call. There's a risk of interrupting the contact's work or being perceived as intrusive. Keeping detailed records of the conversation can also be challenging. 2. Email:  Advantages: Email is a versatile and widely accepted communication method. It allows you to send detailed information, documents, and links. You can reach multiple contacts simultaneously, and it's non-intrusive, allowing the recipient to respond at their convenience.  Disadvantages: Emails can easily get lost in a crowded inbox or ignored. Crafting effective emails that stand out and avoid the spam folder can be a challenge. It may lack the personal touch of a phone call. 3. Social Media:  Advantages: Social media platforms like LinkedIn are designed for professional networking. They enable you to connect with potential business contacts, view their profiles, and initiate conversations. It's a great way to research your contacts and share updates about your agency.  Disadvantages: Not all business contacts may be active or accessible on social media. It can be perceived as less formal, which may not be suitable for all interactions. Building a meaningful connection may take time. 4. In-Person Meetings:  Advantages: Face-to-face meetings provide the highest level of personal interaction and the opportunity to establish strong relationships. You can read body language, convey trust, and network effectively. In the HR industry, in-person meetings are valuable for interviews and client presentations.  Disadvantages: In-person meetings require time and effort for scheduling, travel, and logistics. They may not always be feasible, especially when dealing with contacts from different locations. Additionally, there may be ongoing concerns related to health and safety, which can limit in-person interactions BSBTWK601 Assessment 1 V1 Page 6 of 10 10

Q4: How can you establish criteria for selecting potential business contacts? Write your answer in 200-250 words. To establish criteria for selecting potential business contacts, it is essential to begin by defining your organization's objectives and goals. Consider the industry or sector relevance, as contacts should have a direct or indirect connection to your industry for their expertise or resources to be beneficial. Geographic relevance should also be taken into account if your business operates in specific regions. Investigate the professional reputation and credibility of potential contacts, seeking those with a positive track record and ethical business practices. Alignment with your organization's values is crucial to reduce conflicts and enhance successful collaboration. Assess the compatibility of resources and expertise that potential contacts bring to the table to complement your organization's needs. Consider the long-term viability of the relationship, looking for partners capable of growing with your organization. Evaluate the financial stability of potential contacts, especially in collaborations involving financial transactions. Ensure they comply with relevant laws and regulations, as legal issues can be costly. Communication style and accessibility are vital, as effective communication is a cornerstone of successful partnerships. Review their track record of collaboration and their ability to scale and adapt to your changing needs. By systematically considering these criteria, you can make informed decisions that align with your organization's strategic objectives and values, increasing the likelihood of building productive and successful business relationships. Q5: What are the six (6) common advantages of developing a strategic business relationship or network? Write your answer in 100-150 words. 1. Access to Resources: Networking provides access to a diverse pool of resources, including knowledge, expertise, and financial support, which can be valuable for business growth. 2. Opportunities for Collaboration: Building relationships opens doors for collaboration with other businesses, leading to joint ventures, partnerships, and new opportunities for expansion. 3. Industry Insights: Networking enables the exchange of industry-specific information and market trends, helping businesses stay updated and competitive. 4. Reputation and Credibility: A strong network can enhance a company's reputation and credibility, as associations with reputable individuals or organizations reflect positively. 5. Referrals and Recommendations: Networks often lead to referrals and BSBTWK601 Assessment 1 V1 Page 7 of 10 10

recommendations, which can drive new customers, clients, and business opportunities. 6. Support and Advice: A strategic network provides a support system where businesses can seek advice, mentorship, and guidance, particularly in challenging situations. Q6: How can you identify existing business relationships and assess strategic importance to the organisation? Write your answer in 200-250 words. Identifying and assessing existing business relationships for their strategic importance to the organization involves a structured approach. Begin by reviewing your organization's records, including customer databases and supplier lists, to identify established connections. Conduct surveys among employees to uncover any informal relationships that might not be officially documented but hold significance. Map out key stakeholders, considering their level of engagement and influence on the organization. Analyze transaction data to pinpoint significant contributors to your organization's financial performance. Assess collaboration history to identify relationships that have delivered substantial value, whether in terms of innovation, market expansion, or cost reduction. Gathering feedback from employees, customers, and other stakeholders is essential to understand the perceived importance and satisfaction with existing relationships. Segment your stakeholders into categories like high-value customers, strategic suppliers, or key partners to prioritize and allocate resources effectively. Evaluate the long-term potential of each relationship and ensure they provide mutual benefit. Lastly, set key performance indicators (KPIs) to measure the success and impact of each relationship, be it in terms of revenue growth, cost savings, customer satisfaction, or innovation outcomes. Through this methodical approach, you can identify and assess which relationships are strategically significant, enabling your organization to focus its efforts and resources on nurturing and strengthening these connections for sustained success and growth. Q7: How can you develop a plan for maintaining strategic business relationships? Write your answer in 150-200 words. Developing a plan for maintaining strategic business relationships is pivotal for ensuring their long-term success. Start by defining the objectives of each relationship and understanding how they align with your organization's mission and values. Next, establish a robust communication strategy, including the frequency and methods of interaction, to maintain regular engagement. Schedule periodic check-ins or meetings to facilitate ongoing dialogue, share updates, address challenges, and brainstorm solutions. Implement a feedback mechanism to gather insights and address concerns BSBTWK601 Assessment 1 V1 Page 8 of 10 10

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promptly. Define key performance indicators (KPIs) to measure the success of the relationship and regularly track progress toward these metrics. Prepare a conflict resolution plan to handle disputes constructively. Continuously assess whether both parties are still benefiting from the relationship and adapt as necessary to meet changing needs. Explore opportunities for growth and innovation within the relationship by encouraging the sharing of ideas and resources. Conduct regular reviews to evaluate the relationship's overall health and effectiveness, ensuring it remains strategically viable. Maintain thorough documentation of all interactions, agreements, and performance evaluations to promote transparency and accountability. With this comprehensive plan, your organization can foster and sustain productive, adaptable, and mutually beneficial strategic business relationships. Reference: What is an organisational strategy, https://online.wlv.ac.uk/how-to-create-a-good-organisational- strategy/#:~:text=An%20organisational%20strategy%20is%20a,motivated%20to%20reach%20the %20goals . How do you identify business contacts?, https://www.linkedin.com/advice/0/how-do-you-identify-business-contacts- skills-business-networking What Is an Organizational Strategy and Why Does My Business Need One?, https://www.indeed.com/career- advice/career-development/organizational-strategy Collaboration Risks, https://ctconservation.org/wp-content/uploads/Managing-Collaboration-Risks-Booklet- Nonprofits-Insurance-Alliance.pdf What criteria do you use to select business partners?, https://www.linkedin.com/advice/0/what-criteria-do-you-use- select-business-partners 6 Benefits of Networking and Creating Business Partnerships, https://www.linkedin.com/pulse/6-benefits- networking-creating-business-partnerships-robert-ford BSBTWK601 Assessment 1 V1 Page 9 of 10 10

Piyaphon_BSBTWK601 Assessment 1

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