Assessment 1
Your task: Answer the following questions. Each question must be completed.
Question 1 List 3 key groups of people you may build business relationships with in the TH&E Industry. |
1. 2. 3. |
Question 2 List 4 reasons business relationships are important. |
1. 2. 3. 4. |
Question 3 List 2 distribution, marketing or professional networks in your industry that would provide opportunities to help build business relationships. |
1. 2. |
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. |
1. 2. 3. 4. |
Question 6 List 6 ways you can maintain regular contact with customers and suppliers. |
1. 2. 3. 4. 5. 6. |
Question 7 List 2 methods of Networking. These may be formal or informal. |
1. 2. |
Question 8 There are several types of negotiations. List 3 different types of negotiations a TH&E manager might be involved in. |
1. 2. 3. |
Question 9 Name 2 cultural differences you may need to consider when negotiating. |
1. 2. |
Question 10 When going into a negotiation, name 2 things you can do to make a good first impression. |
1. 2. |
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. |
1. 2. 3. 4. 5. 6. |
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: |
1. 2. 3. |
Question 17 Name 3 types of common clauses which might be included in a contract. |
1. 2. 3. |
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. |
1. 2. 3. 4. |
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. |
1. 2. 3. 4. |
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. |
1. 2. 3. 4. |
Question 29 Name 2 legal requirements from your industry that you may impact negotiations or agreements. |
1. 2. |
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? |
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