SITXMGT501 Establish and conduct business relationships

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 5: List 4 ways you can maintain regular contact with customers and suppliers.

Question 6: List 2 methods of Networking. These may be formal or informal.

Question 7: There are several types of negotiations. List 3 different types of negations a TH&E manager might be involved in.

Question 8: Name 2 cultural differences you may need to consider when negotiating.

Question 9: When going into a negotiation, name 2 things you can do to make a good first impression.

Question 10: What should you do before going into a negotiation to make sure the outcome is in the best interests of your company?

Question 11: If the negotiation becomes protracted, who should you inform? And how?

Question 12: Name 3 ways (techniques) to negotiate effectively.

Question 13: How do open questions help a good negotiator gain information?

Question 14: Give an example of a written contract you may enter into in the TH&E industry.

Question 15: ‘Obtaining organisational approvals' is one of the nine steps of procuring a formal business agreement. Name 3 others:

Question 16: Name 3 types of common clauses which might be included in a contract.

Question 17: What is the name of the clause which is designed to exclude or limit a person's liability if the breach the contract?

Question 18: What does a dispute resolution clause do?

Question 19: Before formally making an agreement, what approval should you seek?

Question 20: List 4 professional services you might employ to get specialist advice.

Question 21: If you were unsure of how to comply with consumer protection laws, who would you consult to get professional advice?

Question 22: List 4 specialist services an accountant may be able to assist you with.

Question 23: Once you have gained the confidence of a new business associate, what can you build on that relationship?

Question 24: 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 25: When setting KPIs in business agreements, why should KPIs be quantitative rather than qualitative?

Question 26: When should you review, negotiate and update your contracts?

Question 27: List 4 factors that could change over time which could affect terms and conditions in your contract.

Question 28: Name 2 legal requirements from your industry that you may impact negotiations or agreements.

Question 29: 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: