Kansinee_BSBTWK601 Assessment 1 Revise

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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: ☐ a classroom ☒ learning management system (i.e. Moodle), BSBTWK601 Assessment 1 V1 Page 1 of 16

☐ 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. Assessment Task 1: Knowledge Test BSBTWK601 Assessment 1 V1 Page 2 of 16 16

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. 1.1 An organizational strategy is a strategic plan generally developed by the leadership team detailing how your business will allocate resources (like inventory, time, and funding) to support all its business activities. General business activities might include: Creating or purchasing inventory to meet market demand General business activities might include:  Creating or purchasing inventory to meet market demand  Supporting infrastructure  Growing or upgrading your infrastructure  Marketing your brand, products, and services https://monday.com/blog/project-management/organizational-strategy/#:~:text=An %20organizational%20strategy%20is%20a,inventory%20to%20meet%20market %20demand 1.2 Define your purpose Before you start looking for business contacts, you need to have a clear idea of why you want to network and what you hope to achieve Prepare your pitch When you identify a potential business contact, you need to prepare a short and compelling pitch that explains who you are, what you do, and what you can offer. Your pitch should be tailored to your contact's needs, interests, and goals, and show how you can add value to their situation. You should also have a clear call to action, such as asking BSBTWK601 Assessment 1 V1 Page 3 of 16 16

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for a meeting, a referral, a feedback, or a collaboration Initiate contact Initiating contact with a potential business contact is the next step. Depending on the source and context, you can reach out in several ways, such as sending a personalized email with a captivating subject line and signature, calling directly or leaving a voicemail, connecting on social media platforms, or meeting in person https://www.linkedin.com/advice/0/how-do-you-identify-business-contacts-skills-business- networking 1.3 Improve your website These days, consumers and B2B buyers alike find new businesses primarily by searching online. That means your website has to do some heavy lifting to attract new customers. Give your website a once-over to make sure that the design, content, graphics and SEO are up-to-date. If this isn’t your strong suit, it’s worth enlisting the services of a website design company and/or SEO expert to help. Promote your expertise Generate interest—and new customers—by publicizing your expertise in your industry. Participating in industry panel discussions or online webinars, speaking at industry events or to groups your target customers belong to, or holding educational sessions or workshops will impress potential new customers with your subject expertise BSBTWK601 Assessment 1 V1 Page 4 of 16 16

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. 2.1 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 BSBTWK601 Assessment 1 V1 Page 5 of 16 16

other business's performance and decisions. https://www.ccstechnologygroup.com/5-risks-of-poor-collaboration-in-the-workplace/ 2.2  identify innovative ideas and solutions.  develop new products or services.  solve real-world challenges faced by your business.  access specialist skills or equipment.  share and minimise the risk from research projects. Working together with others can help your business to:  stay ahead of the competition  turn your ideas into reality  access new insights and advice  develop the skills of your employees  build a culture of innovation. https://business.gov.au/planning/innovation/how-collaboration-can-help-your-business BSBTWK601 Assessment 1 V1 Page 6 of 16 16

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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. BSBTWK601 Assessment 1 V1 Page 7 of 16 16

Establishing criteria for selecting potential business contacts involves identifying the key characteristics that would make a business or individual a valuable contact. This could include factors such as their industry relevance, their position within their organization, their level of influence, their potential to provide opportunities for collaboration or partnership, and their alignment with your organization's values and objectives. 1. Email: Email is a widely used method for business communication. It allows for detailed messages and attachments, and it provides a record of correspondence. However, it can be impersonal and messages can easily be overlooked or ignored. 2. Phone Calls: Phone calls allow for immediate, direct communication and can help to establish a personal connection. They can be particularly effective for complex discussions that require immediate feedback. However, they can be time- consuming and there's no written record unless calls are transcribed. 3. Social Media: LinkedIn and other social media platforms are increasingly used for business networking. They allow for targeted outreach to individuals in specific industries or roles. However, messages can be overlooked, and not all professionals are active on social media. 4. Networking Events: Attending industry conferences, trade shows, or local business events can be a great way to meet potential contacts in person. This can help to establish stronger relationships. However, these events can be costly and time- consuming, and there's no guarantee that the people you want to connect with will be in attendance. In conclusion, the best method will depend on the specific circumstances and the nature of the potential contact. It's often beneficial to use a combination of methods to ensure a broad and effective outreach. https://ec.europa.eu/programmes/erasmus-plus/project-result-content/9a1c8bee-11f3- 48f0-8e25-c86b14cf445a/Business%20Management%20And%20Organization %20Booklet.pdf BSBTWK601 Assessment 1 V1 Page 8 of 16 16

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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 BSBTWK601 Assessment 1 V1 Page 10 of 16 16

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. https://ec.europa.eu/programmes/erasmus-plus/project-result-content/9a1c8bee-11f3- 48f0-8e25-c86b14cf445a/Business%20Management%20And%20Organization %20Booklet.pdf 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. BSBTWK601 Assessment 1 V1 Page 11 of 16 16

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 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 Ref , https://www.linkedin.com/pulse/6-benefits-networking-creating-business-partnerships-robert-ford BSBTWK601 Assessment 1 V1 Page 12 of 16 16

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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 https://www.linkedin.com/advice/0/how-do-you-identify-business-contacts-skills-business-networking https://hingemarketing.com/blog/story/5_keys_to_building_business_relationships BSBTWK601 Assessment 1 V1 Page 13 of 16 16

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 BSBTWK601 Assessment 1 V1 Page 14 of 16 16

solutions. Implement a feedback mechanism to gather insights and address concerns 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 https://www.indeed.com/career-advice/career-development/how-to-maintain-business- relatio nships BSBTWK601 Assessment 1 V1 Page 15 of 16 16

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Kansinee_BSBTWK601 Assessment 1 Revise

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