SITXMGT501 Establish and conduct business relationships Assessment 1 – Questions

SITXMGT501 Establish and conduct business relationships
Assessment 1 – Questions
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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: