• Internal Code :
  • Subject Code : SITXMGT002
  • University : Victoria University
  • Subject Name : Management

Build Business Relationships and Conduct Negotiations

P 1: Activity 1:

Task A

Answer 1:

Business relationships can be described as connections, interactions and communication between all entities or parties that are engaging in a business transaction (Genc, 2017). This consists of the relations between various stakeholders in any business or organization, for example business relation between the employers and employees, management and the vendors or and the business partners, customers, sales lead, service providers, media, etc. (Perason, 2016). Thus, business relations comprise of all the entities or individuals with which a business is affiliated or expects to have a connection, whether internal or external.

For any business to be successful one should have and develop a positive and formal type of business relationship with its affiliates. These relationships should be established such that they are in line with the organizational goals, requirements and protocols. Such type of strategic and positive business relationships include formal protocols and it is essential for all the entities to follow these formal protocols (Glinka et al., 2018). These types of business relationship have standard laid down framework and procedures with a set of actions to be followed. However, these actions might be altered at times according to the changing business dynamics. Positive and formal business relations can be established by taking some proactive steps like using effective communication skills like treating others with dignity and respect, using eye contact and positive body contact to express approachability, organizing regular meetings with the business partners to discuss work, by networking with business contacts, etc.

Task B

Answer 1:

Positive and formal business relation between the various stakeholders is the key for success of any business. Customer and suppliers or the vendors are an integral part of any business or organization (Genc, 2017). The organization should ensure to manage good business relations with the customers and the suppliers of the business for its smooth functioning. Thus, it is essential for businesses to proactively identify business opportunities and maintain regular contact with the customers and suppliers. Some of the following ways to achieve this is as follows:

  1. Optimum use of the contact opportunities with the customer

  2. Informing the customer and suppliers about the relevant promotions and offers

  3. Sending seasonal greeting, thank you cards, birthday wish emails, etc. to build strong business relations with them

  4. Staying in touch regularly by contacting the customer or the supplier once in two days

  5. Acting on the points of interest associated with the customer and suppliers proactively

  6. Inviting these customers and suppliers to attend any kind of networking event of the company.

P 1: Activity 2:

Task B

Answer 1:

Negotiation is one of the important skills required in any business setting. A negotiation is always followed by a feedback. A feedback is considered as an important tool in enhancing the process of negotiation. It is essential to incorporate feedback and their inputs from colleagues into negotiation where appropriate. A positive and worth feedback displays voluntary participation of the all the members of the team (Glinka et al., 2018). It helps to discuss all the points that have been raised. A worth it feedback or input given by the colleague should be able to focus on and praise the good negotiation skills. The feedback should be able to acknowledge different negotiation styles. An effective feedback is specific and should be given timely immediately after the negotiation has concluded. An effective feedback in negotiation most should most importantly be given in a positive and constructive way and not be offensive.

Answer 2:

Feedbacks are an important element of the negotiation. In business it is important to know how this feedback should be provided to colleagues, and the feedback should be constructive and effective and should not be destructive or cause any offence (Usuneir, 2019). Receiving feedbacks from colleagues can help one to enhance and improve the negotiations skills. Giving a feedback to colleague consists of a process of communicating to that colleague about something that they have done or said in s negotiation. This feedback helps one to encourage or change that behaviour (Usuneir, 2019). Feedbacks are at times also referred to as encouragement feedbacks. The feedbacks help one to focus on the improvement areas of the negotiation skills and behaviour, and thus assists in addressing these gaps. Feedbacks also helps to give an idea about the efficiency of the process followed. It helps to provide insights about the whether the strategies were employed effectively and adhered too, the toolsets were used efficiently, and the processes followed were profitable or not.

Task C:

Answer 1:

Negotiations and feedback are essential aspects of business relations. It is important to communicate the results of negotiation to appropriate colleagues and stakeholders within appropriate timelines. The results of the negotiations can be communicated to the relevant persons using effective communication. Various channels or medium of communication can be sued to communicate these results most important of which is the emails.

Answer 2:

After the completion of negotiations, the results of the negotiations should be communicated to the relevant staff or the stakeholders of the organization, within reasonable timeframe. An appropriate timeframe for communicating the results in one which is reasonable and agreed upon (Usuneir, 2019). The appropriate timeframe id determined by keeping all the parties in mind. An appropriate timeframe for communication of results in one which is mutually acceptable to both or all parties involved (Usuneir, 2019).

Unit Project: Skills, Knowledge, and Performance

P1: Section A: Knowledge activity (Q & A)

Answer 1:

Maintaining good business relationships are a key to success of any business. It is essential to build and maintain professional business with all people involved in that business transaction for its smooth and effective functioning. From a commercial context and business point of view business relationship building helps the businesses to acquire new customers, retain the present customers, manage and maintain the industry reputation in the industry. These business relations and regular relations with various people of the business help the business to grow strong. By developing a strong relationship with the customers, businesses can transform from just another company into a brand they know and trust. Good relationships also create an image and face for the company. Thus, it is important to understand the commercial context for business relationships, including industry specific needs.

Answer 2:

  1. Customer and suppliers or the vendors are an integral part of any business or organization. The organization should ensure to manage good business relations with the customers and the suppliers of the business for its smooth functioning (Perason, 2016). Thus, it is essential for businesses to proactively identify business opportunities and maintain regular contact with the customers and suppliers. Some of the following ways to achieve this is as follows:

  2. Optimum use of the contact opportunities with the customer

  3. Informing the customer and suppliers about the relevant promotions and offers

  4. Sending seasonal greeting, thank you cards, birthday wish emails, etc. to build strong business relations with them

  5. Staying in touch regularly by contacting the customer or the supplier once in two days

  6. Acting on the points of interest associated with the customer and suppliers proactively (Perason, 2016)

  7. Inviting these customers and suppliers to attend any kind of networking event of the company.

Answer 3:

Negotiation in simple word can be described as a formal dialogue among two or more entities or people over an issue of conflict and with an intention to reach a result or outcome with some benefit (Khakar & Ahmed, 2017). The negotiation techniques used should be in alignment with the company’s laid down protocol. This helps to maximize the benefits of the relationships with all parties. Some of the principles in the backdrop of this negotiation is as follows (Usuneir, 2019):

  1. One of the most important principle of negotiation is that both the parties should negotiate with an intention to reach a win-win situation in the benefit of all

  2. Knowing what one is trying to accomplish through that negotiation

  3. Developing a plan before the start of the negotiation

  4. Evaluating and understanding the counter party

The process of negotiation consists of the following stages (Usuneir, 2019):

  1. Thorough preparation before negotiation

  2. Knowing and assessing all options

  3. Understanding the position of the counter parties

  4. Setting the standards

  5. Making an initial offer

  6. Making a counter-offer

  7. A process of discussion and counter-offers

  8. Reaching a mutually acceptable agreement

Different people use different techniques of negotiation according to the relevant situation.

Some of the techniques of negotiations can be explained as below (Khakar & Ahmed, 2017):

  1. Soft approach or technique – this technique means giving in easily to the offer of the other party at the cost of own interests

  2. Hard approach or technique – this technique involves negotiating aggressively to reach the required outcome

  3. Principled negotiation – this is one of the equitable approach or technique for those involved, wherein the interests of both sides are considered and addressed before reaching an outcome.

Answer 4:

Business contracts are legally binding agreements between two or more persons or entities. Running a business involves dealing with many business contracts. Two of types of contract mostly used in any business are as follows:

1. Written contracts

These contracts clearly mention all the details of what was agreed upon (Australian Government- Business). The key feature of these type of contracts is that wwritten contracts provide more certainty for both parties than verbal contracts. It minimises the business risks by making the agreement clear from the start of the contract. The basic role of written contract is to provide a proof of what was agreed upon between the two parties, give security to both the parties, and helps to prevent misunderstanding or disputes by making the agreement clear (Australian Government- Business). Some of the inclusions of these type of contracts are material details, important timeframes, payments details, a procedure to follow in the event of a dispute, etc.

2.Verbal contracts

Sometimes some business arrangements make use of verbal contracts instead of written ones. Such contracts only prove to be successful in absence of disputes (Australian Government- Business). Verbal contracts can lead to uncertainty about each party's rights and obligations. A dispute may arise if you have nothing in writing explaining what you both agreed to do. As businesses cannot rely on such uncertain verbal contracts, they make use of part verbal and part written contracts. Such agreements may be only partly verbal (Australian Government- Business). For example, there may be supporting paperwork that also forms part of the contract. The role of such contracts is to help later in discussions of the parties to try to resolve a problem. If the dispute becomes serious, it may be used as evidence in court. Some of the inclusions of part verbal and part paperwork contract are emails of quotes with relevant details, lists of specifications and materials and notes about your discussion.

Answer 5:

Contracts are legally binding agreements between two or more persons or entities. It consists of four essential components. The four components of a contract are as follows:

  1. An offer - this is one of the most important components and forms the basis of contract. A contract is formed when an offer by one party is made to the other party (The Law Handbook, 2020). Example, an artist A makes an offer to sells his paintings to a person B.

  2. An acceptance- a contract is complete when the other party accepts the offer made by the first party. Example, person B accepts to buy the paintings from artist A and completes the contract.

  3. An intention to create legal relationship- A contract does not exist just because there is an agreement between two or more people. The parties to the agreement must intend to enter into a legally binding agreement (The Law Handbook, 2020). Example, the two parties involved in the transaction of the painting enter an agreement and create a legal relationship of exchanging some value.

  4. A consideration- it is the price paid for a promise made by one party to the other party. This consideration usually involves money or something of value (The Law Handbook, 2020). Example, person B promises to pay a certain amount of money to artist A on receiving his painting.

Answer 6:

Negotiations and agreements are a regular part of business operations and it is important for the businesses to adhere to all the legal requirements as these requirements impact the businesses. Some of the legal requirements that the businesses should follow to avoid its impact on negotiations and agreements are as follows:

  1. Maintaining the confidentiality of the agreement

  2. Ensuring the non-disclosure of sensitive information about the business negotiation or agreement to any other party, except those associated and involved in the business.

  3. Any stakeholder or party involved in a business should take advice before signing any pre-contractual agreement.

  4. Avoiding mislead of any stakeholders of the business.

 

References

Australian Government- Business (n.d). Types of contract. Retrieved from: https://www.business.gov.au/Products-and-services/Contracts-and-tenders/Types-of-contracts

Genc, R. (2017). The importance of communication in sustainability and sustainable strategies. Procedia Manufacturing Journal, 8, 511-516.

Glinska, N.A., et.al. (2018). Relationship-focused or deal-focused: Building interpersonal bonds within B2B relationships, Baltic Journal of Management, 13(4), 508-527

Khakar, P. & Ahmed, Z.U. (2017). The concepts of power in international business negotiations: An empirical investigation. Journal of Transnational Management, 22(1), 25-52.

Perason, S. (2016). Building brands directly: creating business value for customer relationship. London: Macmillan

The Law Handbook (2020). The practical guide to the law in Victoria. Retrieved from: https://www.lawhandbook.org.au/2020_07_01_03_elements_of_a_contract/ Usunier, J.C. (2019). Guidelines for effective intercultural business negotiations. Strategic HR Review Journal, 18(5), 199-203.

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