SITXMGT002 Assessment

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Imagine Education *

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SIT40516

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Business

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Jun 14, 2024

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pdf

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1 | P a g e SITXMGT002 - ESTABLISH AND CONDUCT BUSINESS RELATIONSHIPS Student Name: MANDEEP KAUR Student Number: 12268467 Assessment 1: Short Answer Questions 1. What services do professional networking associations provide? Members of professional networking groups may take use of a range of services, such as: - Networking opportunities: Members may meet other professionals in their industry at events, seminars, and meetings hosted by these organisations. This makes possible the sharing of information, the exchange of ideas, and possible economic collaborations. - Education and training: To assist members in developing their knowledge and proficiency in their specialised professions, a large number of professional networking organisations provide training courses, conferences, and seminars. This might include access to resources and research, credits for continuing education, or qualifications unique to the sector. - Advocacy and representation: Networking networks typically act as a voice for its members, taking to industry stakeholders, governmental bodies, and regulatory authorities with their interests and concerns. They could also provide members with resources and assistance in handling industry regulations and compliance requirements. - Resources and information: Members of professional networking groups often have access to papers, publications, studies, and statistics that are industry-specific. Members may use this content to remain up to date on market insights, industry trends, and best practices.

2 | P a g e 2. Explain how to use below opportunities to maintain regular contact with customers and suppliers? - Association membership Companies may attend industry events, network with other professionals, and get access to tools and information by joining relevant industry associations. Engaging in association events on a regular basis gives you the opportunity to network with potential suppliers and customers. - Cooperative promotions Maintaining contact with suppliers and customers may be facilitated by working together with other businesses on joint marketing or promotional initiatives. Companies may reach a wider audience and improve their ties with current suppliers and consumers by pooling their resources and using one other's clientele. - Industry functions Businesses may connect with suppliers and customers in a formal environment by going to conferences, trade shows, and seminars. You may engage in conversations, market your goods and services, and make new or improve existing relationships at these events. - Informal social occasions Making personal ties with suppliers and customers may be facilitated by participating in business dinners and networking events. These gatherings provide a more laid-back and informal environment for forming connections, which may enhance loyalty and trust. - Program of regular telephone contact Maintaining ongoing connection with customers and suppliers may be facilitated by scheduling frequent phone calls. This might include keeping in contact to talk about any problems or opportunities, checking in on a regular basis, or providing information on new goods or services. - Social media

3 | P a g e Businesses may find it easier to maintain contact with suppliers and customers by using social networking sites like Facebook, Twitter, and LinkedIn. Companies may continue to build connections and stay visible online by interacting with followers, contributing to industry debates, and regularly posting helpful content. 3. What are the six stages in the negotiation process? What negotiation techniques that can be applied? Identify and describe each one. There are six steps to the negotiation process: 1. Preparation: During this stage, you will gather facts, set goals, and devise a negotiation strategy. It entails analyzing both parties' needs and interests, finding potential points of agreement and disagreement, and determining the intended objectives. 2. Discussion: At this point, the parties engage in open discussion to exchange information, explain their viewpoints, and consider alternative solutions. It entails actively listening, asking questions, and seeking common ground. 3. proposition: At this stage, each party makes their proposition or offer. This may involve suggesting terms, conditions, or price schemes. The proposals may be updated and enhanced after more debate. 4. Bargaining: This stage comprises back-and-forth negotiations and concessions. It necessitates excellent communication, strong reasoning, and the ability to reach mutually advantageous conclusions. Compromise, trading, and seeking creative options are all possible approaches. 5. Agreement: Once the parties have reached a mutually acceptable solution, they document their agreement. This includes outlining the terms and conditions, defining obligations, and explaining any exceptions or restrictions. 6. Implementation: In the final stage, the agreed-upon terms are implemented and fulfilled. It entails monitoring performance, addressing any difficulties or disagreements that may emerge, and guaranteeing compliance with the terms of the contract.

4 | P a g e Various negotiating strategies can be used throughout these stages, depending on the situation and the parties' aims. Some popular negotiation methods are: - Distributive negotiation: This technique takes a competitive approach in which each side seeks to maximize their personal gains while minimizing losses. It frequently includes establishing a fixed pie in which one party's gain is seen as the other party's loss. - Integrative negotiation: This strategy focuses on finding solutions that benefit both sides. It requires a collaborative approach in which all stakeholders work together to produce value and achieve a win-win outcome. - Principled negotiation: This strategy, also known as interest-based negotiation or merit negotiation, focuses on both parties' underlying interests and needs. It focuses on fair and objective standards for reaching an agreement. - Persuasion and influence: These tactics rely on effective communication, logic, reasoning, and emotional appeals to persuade the opposing party to accept a proposition or solution. - Active listening: This method entails paying attentive attention to the other person's concerns, interests, and wants. It aids in understanding underlying reasons and establishing common ground. 4. What are lease agreements? Why might an organisation enter into a lease agreement? Consider the nature of agreements and contracts and their key role, features and inclusions. Lease agreements, which outline the terms and circumstances under which a property is leased, are legally binding contracts between a landlord (lessor) and a tenant (lessee). In a lease, the lessor grants the lessee, in return for rent payments, the right to use the property for a certain amount of time. Organizations may enter into leasing agreements for a variety of reasons. 1.Flexibility: Leasing frees enterprises from the long-term financial burden and commitment of ownership by allowing them to access and utilise a property.

5 | P a g e It gives you the flexibility to respond to shifting market circumstances or company demands. 2. Cost-effectiveness: If the organisation doesn't desire a permanent residence or doesn't have the funds to make a sizable upfront investment, renting a property via a lease agreement may be less costly than buying. 3. Location: With lease agreements, businesses may have a presence in desirable areas without having to invest a large amount of resources. 4.Maintenance and administration: The landlord is often named as the party in charge of maintaining and managing the property in lease agreements. This might free up funds and administrative burdens associated with property management for the organisation. 5.Important details included in lease agreements include the length of the lease, the rent amount and terms, the security deposit requirements, the maintenance schedule, the termination clause, and any unique guidelines or limitations pertaining to the usage of the property. 6.A lease agreement's contents may change based on the kind of property and the specific needs of each party. Rent escalation, renewal options, subleasing rights, insurance requirements, and dispute resolution procedures are examples of common components. 5. There are 5 key components of contract law at an overview level. Describe each one. - Terms and duties of contract: These are the precise clauses and specifications that the parties to the contract have decided upon. These conditions set out the obligations, rights, and responsibilities of each party and govern the performance of the contract. - Contractual agreement methods: This section covers the several ways that a contract may be established. It includes elements like the parties' capability, the aim of establishing legal relations, offer and acceptance, and

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