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SITXMGT501 Establish and conduct business relationships Assessment 1 – Questions

SITXMGT501 Establish and conduct business relationships
Assessment 1 – Questions
INSTRUCTIONS
Please complete the student details section.
This short answer assessment is one form of assessment that is used to collect evidence of competency for this unit.
To demonstrate competence you must correctly answer all questions. Any shortfalls or wrong responses may be followed up by your trainer in verbal, written or practical instance.
If more space is required for any answer you may attach a separate page containing name, assessment date, unit title unit code and the assessment task number and attach this page with the current assessment task before submission or alternatively use the back of each paper with a clear reference to the relevant question(s).
Ensure you check your work before submitting.
Please note, once the assessor has marked your work they will provide you with feedback.
You will be required to complete other relevant assessment tasks for this unit as instructed by your teacher or trainer.

Questions
Question 1: List 3 key groups of people you may build business relationships with in the TH&E Industry.
Question 2: List 4 reasons business relationships are important.
Question 3: List 2 distribution, marketing or professional networks in your industry that would provide opportunities to help build business relationships.
Question 4: Why is building trust and respect in a business relationship not always easy?
Question 6: List 4 ways you can maintain regular contact with customers and suppliers.
Question 7: List 2 methods of Networking. These may be formal or informal.
Question 8: There are several types of negotiations. List 3 different types of negations a TH&E manager might be involved in.
Question 9: Name 2 cultural differences you may need to consider when negotiating.
Question 10: When going into a negotiation, name 2 things you can do to make a good first impression.
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: Name 3 ways (techniques) to negotiate effectively.
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:
Question 17: Name 3 types of common clauses which might be included in a contract.
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 does a dispute resolution clause do?
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.
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.
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 the 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.
Question 29: Name 2 legal requirements from your industry that you may impact negotiations or agreements.

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, then increase by 3.8% every year thereafter.
What will the total annual lease payments be for:
Year 1:
Year 2:
Year 3:
END OF ASSESSMENT