SITXMGT002 Assessment 1

Question 1

List 3 key groups of people you may build business relationships with in the TH&E Industry.

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Question 2

List 4 reasons business relationships are important.

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Question 3

List 2 distribution, marketing or professional networks in your industry that would provide opportunities to help build business relationships.

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Question 4

Why is building trust and respect in a business relationship not always easy?

Question 5

List 4 traits that can build respect and trust in a business relationship.

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Question 6

List 6 ways you can maintain regular contact with customers and suppliers.

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Question 7

List 2 methods of Networking. These may be formal or informal.

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Question 8

There are several types of negotiations. List 3 different types of negotiations a TH&E manager might be involved in.

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Question 9

Name 2 cultural differences you may need to consider when negotiating.  

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Question 10

When going into a negotiation, name 2 things you can do to make a good first impression.

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Question 11

What should you do before going into a negotiation to make sure the outcome is in the best interests of your company?

Question 12

If the negotiation becomes protracted, who should you inform? And how?

Question 13

List 6 techniques to negotiate effectively.

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Question 14

How do open questions help a good negotiator gain information?

Question 15

Give an example of a written contract you may enter into in the TH&E industry.

Question 16

‘Obtaining organisational approvals’ is one of the nine steps of procuring a formal business agreement. Name 3 others:

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Question 17

Name 3 types of common clauses which might be included in a contract.

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Question 18

What is the name of the clause which is designed to exclude or limit a person’s liability if the breach the contract?

Question 19

What is the purpose of a dispute resolution clause?

Question 20

Before formally making an agreement, what approval should you seek?

Question 21

List 4 professional services you might employ to get specialist advice.

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Question 22

If you were unsure of how to comply with consumer protection laws, who would you consult to get professional advice?

Question 23

List 4 specialist services an accountant may be able to assist you with.

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Question 24

Once you have gained the confidence of a new business associate, what can you build on that relationship?

Question 25

If you have signed a contract that stipulates that you will be paying $5,000 property management fees per year for 5 years, but your business goes broke in its first year, are you still liable to pay the money?  Why/Why not?

Question 26

When setting KPIs in business agreements, why should KPIs be quantitative rather than qualitative?

Question 27

When should you review, negotiate and update your contracts?

Question 28

List 4 factors that could change over time which could affect terms and conditions in your contract.

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Question 29

Name 2 legal requirements from your industry that you may impact negotiations or agreements.

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Question 30

You are looking at entering a 3 year lease agreement for a commercial property. The contract states the lease payments will be $5,000 per month for the first year, and then increase by 3.8% every year thereafter.

What will the total annual lease payments be for:

Year 1?

Year 2?

Year 3?