BSBTWK401 TASK 1

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School

King Mongkut's Institute of Technology Ladkrabang *

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BSBMKG609A

Subject

Business

Date

Jun 1, 2024

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docx

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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

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