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Establish and conduct business relationships

SITXMGT005 Establish and conduct business relationships Assignment

Table of Contents

Assessment Pack (UAP) – Cover Sheet                                                                                             3

Student and Trainer/Assessor Details                                                                                          3

Course and Unit Details                                                                                                               3

Assessment Submission Method                                                                                                 3

Student Declaration                                                                                                                     3

Assessment Plan                                                                                                                         4

Unit information pack                                                                                                                  4

UAT 1 – Unit Knowledge Test (UKT)                                                                                                 5

Pre-assessment checklist                                                                                                             5

Purpose                                                                                                                                       5

Information for students                                                                                                             5

Reasonable adjustments                                                                                                             5

Student declaration                                                                                                                     5

Assessment task instructions                                                                                                       6

Unit Assessment Result Sheet (UARS)                                                                                             17

UAT 2 – Project                                                                                                                                19

Pre-assessment checklist                                                                                                             19

Purpose                                                                                                                                       19

Information for students                                                                                                              19

Reasonable adjustments                                                                                                              19

Student declaration                                                                                                                     19

Assessment task instructions                                                                                                       20

Unit Assessment Result Sheet (UARS)                                                                                             253

Assessment Pack (UAP) – Cover Sheet

Student and Trainer/Assessor Details

 

Student ID Student name

Trainer/Assessor name

 
 
 

Course and Unit Details

 

Course code Course name Unit code

Unit name

 
 
SITXMGT005
Establish and conduct business relationships

 

Assessment Submission Method

 

  • By hand to trainer/assessor
  • By email to

trainer/assessor

  • Online submission via Learning Management System (LMS)
  • By Australia Post to RTO
  • Any other method

 

(Please mention here)

Student Declaration

Student signature Date 

Assessment Plan

To demonstrate competence in this unit, the student must be assessed as satisfactory in each of the following assessment tasks.

 

Evidence recordedEvidence Type/ Method of assessmentSufficient evidence recorded/Outcome
Unit Assessment Task 1Unit Knowledge Test (UKT)

S / NS (First Attempt)

S / NS (Second Attempt)

Unit Assessment Task 2Project

S / NS (First Attempt)

S / NS (Second Attempt)

Final resultC ☐ NYC ☐Date assessed 
Trainer/Assessor Signature 
     

 

Unit information pack

  
 Text Box: The student and Trainer/Assessor must read and understand all the information in the unit information pack before completing the unit assessment pack.

Pre-assessment checklist Purpose

The pre-assessment checklist helps students determine if they are ready for assessment. The Trainer/Assessor must review the checklist with the student before the student attempts the assessment task. If any items of the checklist are incomplete or not clear to the student, the Trainer/Assessor must provide relevant information to the student

to ensure they understand the requirements of the assessment task. The student must ensure they are ready for the assessment task before undertaking it.

 

Information for students

  • Please make sure you have completed the necessary prior learning before attempting this assessment.
  • Please make sure your Trainer/Assessor has clearly explained the assessment process and tasks to be completed.
  • Please make sure you understand what evidence is required to be collected and how.
  • Please make sure you know your rights and the complaints and appeal process.
  • Please make sure you discuss any special needs or reasonable adjustments to be considered during the assessment (refer to the Reasonable Adjustments Strategy Matrix and negotiate these with your

Trainer/Assessor).

  • Please make sure that you have access to a computer and the internet (if you prefer to type the answers).
  • Please ensure that you have all the required resources needed to complete this Unit Assessment Task (UAT).
  • Due date of this assessment task is according to your timetable.
  • In exceptional (compelling and compassionate) circumstances, an extension to submit an assessment can be granted by the Trainer/Assessor.
  • Evidence of the compelling and compassionate circumstances must be provided together with your request for an extension to submit your assessment work.
  • Request for an extension to submit your assessment work must be made before the due date of this assessment task.

 

Reasonable adjustments

  • If student has requested a reasonable adjustment, then complete the reasonable adjustment form included in the unit information pack.

 

Student declaration

  • I confirm that Trainer/Assessor has provided all the information related to the assessment task as included in the information for student section and I am ready for the assessment.
Student signature Date 

Assessment type:

 

  • Written Questions

 

Instructions provided to the student:

 

Assessment task description:

  • This is the first (1) unit of assessment task that the student must successfully complete to be deemed competent in this unit of competency.
  • The Unit Knowledge Test is comprised of fifteen (15) written questions.
  • Student must respond to all the questions and submit them to the Trainer/Assessor.
  • Student must answer all questions to the required level, e.g. provide the number of points, to be deemed satisfactory in this task.
  • Trainer/Assessor is required to provide feedback within two weeks and notify students when results are available.

Applicable conditions:

  • This knowledge test is untimed and is conducted as an open book test (this means student can refer to textbooks during the test).
  • Student must read and respond to all questions.
  • Student may handwrite/use computers to answer the questions.
  • Student must complete the task independently.
  • No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory.
  • Trainer /Assessor must assess student’s written skills and knowledge as he/she completes this assessment task.
  • The Trainer/Assessor may ask the student relevant questions on this assessment task to ensure that this is his/her own work.

 

Resubmissions and reattempts:

 

  • Where a student’s answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed.
  • Student may speak to their Trainer/Assessor if the student has any difficulty in completing this task and requires a reasonable adjustment (e.g., can be given as an oral assessment).
  • For more information, please refer to the RTO Student Handbook.

 

Location:

 

  • This assessment task may be completed in (tick the relevant box):

 

  • Learning Management System
  • Classroom

 

  • Simulated learning environment
  • Workplace
Other:                                                                     

 

 

  • Trainer/Assessor will provide the student with further information regarding the location for completing this assessment task.

 

Purpose of the assessment

 

The purpose of the assessment is to check knowledge relevant to the unit.

 

Instructions for answering written questions:

 

  • Students must complete a written assessment consisting of a series of questions.
  • It is expected from students to correctly answer all the questions.
  • Answers must demonstrate an understanding and application of relevant concepts, critical thinking, and good writing skills.
  • Students must respond to all questions for this assessment in a concise manner, providing only information that is relevant.
  • Student must use non-discriminatory language. The language should not devalue, demean, or exclude individuals or groups on the basis of such attributes including gender, disability, culture, race, religion, sexual preference, age and/or any other basis. Gender inclusive language should be used.
  • Assessors must not accept responses/answers that have been copied directly from other sources materials.
  • Access to learner guide and other learning materials.
  • Computer
  • Internet
  • MS Word
  • Printer or e-printer
  • Unit Assessment Task

 

The hospitality management industry encompasses hotels, restaurants, resorts, and event venues.

  • It's structured to meet the needs of travellers and locals seeking accommodation, dining, and entertainment.
  • Large hotel chains often have centralized management overseeing multiple properties globally.
  • Independent hotels may have more localized management teams.
  • Similarly, restaurant chains typically have centralized control over operations and marketing.
  • Key players include general managers, department heads (food and beverage, front office), and operational staff (chefs, servers, housekeeping).
  • Specialized roles exist in revenue management, marketing, and guest services.
  • The industry prioritizes delivering exceptional customer experiences while efficiently managing operations.
  • Collaboration between departments and maintaining high service standards are crucial for success.
  • By studying hospitality management we can explore various sectors like catering services, cruise lines, and theme parks as part of their coursework.
  • Embracing sustainability is an emerging trend in the industry, with many establishments implementing eco- friendly practices like conserving energy, reducing waste, and sourcing ingredients locally.
  • Collaboration between businesses in the hospitality industry can lead to innovative offerings, like themed events or unique dining experiences, which attract more customers.
  • Strong interrelationships foster a sense of community within the industry, encouraging knowledge sharing and skill development among employees.
  • Businesses can leverage their connections to negotiate better deals with suppliers, helping to reduce costs and improve profitability.
  • In the age of social media and online reviews, positive interrelationships can lead to increased visibility and positive word-of-mouth referrals.
  • Conversely, negative interactions between businesses can lead to reputational damage, as dissatisfied customers may share their experiences online, impacting future business opportunities.
Question 2: Explain industry interrelationships and how it can impact the commercial context of business relationships. Your answer should be 100-200 words.Satisfactory response

Yes

No ☐
Question 3. Explain the sources of supply and how it can impact the commercial context of business relationships. Your answer should be 100-200 words.Satisfactory response

Yes

No ☐

- In hospitality management, sources of supply refer to where businesses get their stuff from, like food, linens, and amenities.

  • Choosing good suppliers is super important because it affects how guests feel about their experience and whether they come back.
  • If a hotel has reliable suppliers, it means they can keep giving guests high-quality stuff and maybe even save money.
  • But if there are problems with suppliers, like late deliveries or bad quality, it can mess things up and make guests unhappy.
  • Also, if businesses don't have good relationships with their suppliers, they might end up paying more or not getting what they need on time.
  • So, in hospitality, making sure you have good suppliers is key for keeping things running smoothly and making guests happy.
  • Different types of suppliers in hospitality management include food and beverage vendors, linen and amenities providers, equipment suppliers, and maintenance service providers.
  • Developing strong relationships with suppliers can lead to perks like getting first dibs on new products or better deals on prices.
  • Reliable suppliers ensure that hotels and restaurants can maintain consistent quality standards, which is important for keeping guests satisfied.
  • If a hotel or restaurant runs out of essential supplies due to unreliable suppliers, it can lead to operational disruptions and unhappy guests.
  • In some cases, businesses may choose to source supplies locally to support the community and reduce transportation costs.
  • The reputation of a hospitality business can also be impacted by the reputation of its suppliers, so choosing reputable suppliers is essential for maintaining a positive image

 

Question 4. Explain distribution and marketing networks and how it can impact the commercial context of business relationships. Your answershould be 100-200 words.Satisfactory response

Yes

No ☐

- Distribution and marketing networks in hospitality management are about how businesses get their services out there and make sure people know about them.

  • This includes things like online booking sites, travel agencies, and ads.
  • Having good distribution and marketing networks can make a big difference in how well a hotel or restaurant does.
  • If a business has a strong network, it means more people know about it and might want to use it.
  • But if the distribution channels or marketing strategies aren't working well, it can be hard for a business to get noticed and compete with others.
  • Bad relationships with distribution partners or marketing agencies can also cause problems and make it harder for a business to succeed.
  • So, in hospitality management, it's really important to have good plans for how to get the word out about your business and make sure people can find you easily.
  • Different distribution channels in hospitality management include online travel agencies (OTAs), direct bookings through the hotel's website, travel agents, and tour operators.
  • Effective marketing efforts can include social media campaigns, email marketing, loyalty programs, and partnerships with local businesses or attractions.
  • A strong distribution and marketing network can lead to higher occupancy rates for hotels and increased foot traffic for restaurants.
  • Businesses with successful networks may also benefit from positive word-of-mouth referrals and repeat customers.
  • Conversely, ineffective distribution and marketing strategies can result in low visibility, fewer bookings, and decreased revenue.
  • Maintaining good relationships with distribution partners and marketing agencies is crucial for ensuring the success of hospitality businesses.
  • Adapting to changes in consumer behaviour and technology trends is essential for staying competitive in the distribution and marketing landscape.

 

Question 5. Explain professional networks and how it can impact the commercial context of business relationships. Your answer should be 100-200.Satisfactory response

Yes

No ☐

 

  
 Text Box: - Professional networks in hospitality management are like making friends and connections with people who work in the industry.
-	These networks help you learn from others, share ideas, and get better at what you do.
-	By networking, you can stay updated on what's happening in the industry and learn about new trends and technologies.
-	Networking also opens doors to partnerships and collaborations between businesses.
-	For example, hotels might team up with local restaurants to offer special deals to guests.
-	Being part of a professional network can also help businesses get better prices from suppliers.
-	Plus, it can lead to better relationships with service providers, like maintenance companies or event planners.
-	These connections can also bring in more customers through referrals or joint marketing efforts.
-	On the flip side, if relationships with other businesses are bad, it can hurt a company's reputation and bottom line.
-	Building and maintaining professional networks takes time and effort, but it's worth it for the opportunities and support they can provide.
-	Overall, professional networks in hospitality management help businesses grow and succeed by fostering collaboration and sharing knowledge.
-	They're like a big community where everyone helps each other out.
-	Networking can lead to new ideas and partnerships that businesses might not have thought of on their own.
-	It's important to be active in your professional network and build good relationships with others.
-	By doing so, businesses can create a stronger presence in the industry and increase their chances of success.

 

Question 6. Complete the following table with a brief description as well as how it can

assist to maintain regular contact with customers and suppliers. Your answer should be a total of 100-200 words for each opportunity.

 

Opportunities                               Description                           How can assist

a. Association membership      Association                   Maintaining Regular Contact

Membership in              with Customers: Hospitality

Management:                Association memberships

provide hospitality businesses

Association                    with platforms to maintain memberships in             regular contact with customers. hospitality                      By participating in association management provide     events, businesses can showcase businesses and               their offerings, interact with professionals with          customers face-to-face, and valuable resources,        build brand awareness. networking                     Additionally, association opportunities, and          newsletters, social media industry insights.                         channels, and online

Joining these                  communities serve as channels associations, such as      to share updates, promotions, hotel associations,          and relevant information with restaurant                       customers, keeping them

associations, or              engaged and informed about the tourism boards, offers   business's offerings and

access to a wide range   activities. This regular

of benefits tailored to    communication helps businessesthe needs of the             stay top-of-mind with customers hospitality industry.       and reinforces their relationship Memberships often        with them.

include access to            Maintaining Regular Contact

industry events,             with Suppliers:

conferences,

workshops, and             Association memberships help training programs,          businesses keep in touch with allowing individuals to suppliers too. They can meet

stay updated on the         them at events, talk about

latest trends,                   products, and stay updated on regulations, and best      industry news through practices in the field.                    newsletters and online forums.

 

 

**Cooperative               Maintaining Regular Contact

Satisfactory response
  1. Yes ☐
  2. Yes ☐
  3. Yes ☐
  4. Yes ☐
  5. Yes ☐
No ☐ No ☐ No ☐ No ☐ No ☐

 

 

c. Industry functions                   Industry Functions       Maintaining Regular Contact

in Hospitality                with Customers: Management:

 

Industry functions help Industry functions in                   hospitality businesses stay in hospitality                      touch with customers through management are            networking and promotional events or gatherings       activities. By participating in specifically for              these events, businesses can professionals in the       engage with customers, hospitality industry.       showcase their offerings, and

These functions offer    build relationships. Moreover, opportunities for            businesses can host promotional networking, learning,     activities like product

   

Promotions in Hospitality

Management:**

 

 

Cooperative promotions in hospitality management involve teaming up with other businesses or organizations to create joint marketing

campaigns or activities. This

collaboration could include partnering

with local attractions, restaurants, or tourism boards to offer package deals, cross- promotions, or shared events. By combining resources and tapping into each other's

customer base, businesses can boost their marketing efforts and reach more people.

with Customers:

Cooperative promotions help hospitality businesses keep in touch with customers through joint marketing efforts. By teaming up with complementary businesses, they can offer

customers special deals or promotions, encouraging them to return and building loyalty. Additionally, cooperative promotions often involve joint advertising or social media

campaigns, allowing businessesto connect with customers through different channels and stay on their radar.

Maintaining Regular Contact with Suppliers:

Cooperative promotions also

support ongoing communication with suppliers in hospitality management. By collaborating on promotions or events, businesses can strengthen their relationships with suppliers and show appreciation. Cooperative promotions may also involve highlighting supplier products or services, giving them

exposure to a broader audience and nurturing long-term partnerships. This consistent

collaboration helps maintain a positive relationship and

ensures smooth operations.

and collaboration among industry

experts. Attendees canparticipate in

seminars, workshops, and panels to gain insights into industry trends and best practices.

Additionally, there areoften exhibitions

where businesses can showcase their products and services to a targeted audience.

demonstrations or special

events, allowing them to interactwith customers face-to-face and strengthen brand loyalty.

Maintaining Regular Contact with Suppliers:

Industry functions also facilitate ongoing contact with suppliers in hospitality management. By attending these events, businesses can connect with

suppliers, discuss products, and explore potential partnerships. Exhibitions at industry functions provide opportunities for businesses to discover new suppliers, negotiate contracts,

and strengthen existing relationships. Additionally, networking events create informal settings for businesses and suppliers to communicate and collaborate.

 

d. Program of regular                 Program of Regular     Assisting to Maintain Regular

contact                                             Contact in                     Contact with Customers: Hospitality                    A program of regular contact

Management:               helps hospitality businesses

keep in touch with customers by A program of regular providing timely updates,

contact in hospitality     promotions, and special offers.

management involves    By sending out regular implementing a              newsletters or promotional structured approach to   emails, businesses can keep staying in touch with     customers informed about

customers and               upcoming events, new menu

suppliers on a                items, or special discounts. consistent basis. This Additionally, engaging with program may include customers on social media

various                          platforms allows businesses to

communication              interact with them directly,

channels such as email  respond to inquiries, and build

newsletters, phone         rapport. Through consistent

calls, social media         communication, businesses can

engagement, and in-      stay top-of-mind with customers

person visits. The goal   and encourage repeat visits.

is to maintain ongoing   Assisting to Maintain Regular

communication and       Contact with Suppliers:

strengthen                      A program of regular contact relationships with both also supports ongoing

customers and

   
 

 

 

e. Social media                              Social Media in             Assisting to Maintain Regular

Hospitality                    Contact with Customers:

Management:               Social media helps hospitality Social media businesses keep in touch with platforms are online         customers by sharing updates spaces where people   about services, events, and interact and share    promotions. By posting

content. These               regularly and interacting with

platforms, like               customers through comments Facebook, Instagram, and messages, businesses can Twitter, and LinkedIn, keep them informed and

are used in hospitality    engaged. Social media also management to              provides a platform for promote businesses,      receiving feedback and

engage with                   addressing customer concerns customers, and build promptly.

brand awareness.           Assisting to Maintain Regular

Contact with Suppliers:

Social media also supports ongoing communication with suppliers in hospitality management. Businesses can followsuppliers on platforms

like LinkedIn to stay updated ontheir latest offerings and industry news. Engaging with

suppliers through comments and messages helps strengthen relationships and ensures

   
 
suppliersover time.

communication with suppliers in hospitality management. By establishing a regular schedule for reaching out to suppliers, businesses can ensure that they stay informed about product

availability, pricing updates, and any changes in delivery schedules. This proactive

approach to communication helps businesses maintain

strong relationships with

suppliers, address any issues orconcerns promptly, and

collaborate effectively to meetthe needs of the business.

Additionally, regular contact

with suppliers allows businesses to stay updated on industry trends, new products, and potential opportunities for

collaboration or partnership.

 

M.S Aviation Pty LtdT/A Australian S

RTO NO. 41089 I CRICOS NO.: 03489

Melbourne Campus: Level 4, 123-129

Hobart Campus: Level 4, 18 Elizabet

Ph: 1300 781 194 I E: Info@asoc.edu.

ABN: 87 160 483 447

chool of Commerce

A

Lonsdale Street Melbourne, Vi h Street, Hobart Tasmania 7000

au I W: www.asoc.edu.au

ctoria 3000Australia

Australia

continuous communication.

Social media serves as a convenient channel for

businesses to connect with suppliers and stay informed about industry trends.

 

 

Opportunities

 

Description

 

How can assist

a. Association membership

Membership in hospitalitymanagement associations provides

access to resources, networking, and insights.

  • Meet suppliers at events and discuss products. – Stay updated on industry news and regulations.
  • Showcase offerings at association events. — Interact with customers face-to-face.
b. Cooperative promotionsCollaborate with other businesses for joint marketing activities.

- Strengthen relationships with

suppliers through collaboration on promotions.

-Provide suppliers exposure to a broader audience.

c. Industry functionsGatherings for hospitality professionals offering networking and learning opportunities.
  • Engage with customers through networking and promotional activities.
  • Connect with suppliers,

    explore partnerships, and discover new products

d. Program of regular contactStructured approach to staying in touchwith customers and suppliers.
  • Encourage repeat visits and buildrapport.
  • Ensure timely updates on product availability, pricing, and collaboration
e. Social mediaPlatforms for promoting businesses, engaging with customers, and building brand awareness.- Share updates, promotions, and engage with customers through comments and messages.

 

Question 7. Explain the key features of professional and organisational practices associated with negotiation. Your answer should 150-250 words.Satisfactory response

Yes

No ☐

Negotiation in professional and organizational settings is a structured process aimed at achieving mutually beneficial agreements between parties. Here are the key features associated with effective negotiation:

  1. Preparation: Before negotiations commence, thorough preparation is essential. This involves researching the other party's interests, goals, and potential alternatives. It also includes clarifying one's own priorities and objectives to develop a strategic negotiation plan.
  2. Communication:Clear and effective communication is fundamental in negotiation. Both parties must

articulate their interests, listen actively to the other party's concerns, and seek mutual understanding. Asking clarifying questions and summarizing key points help ensure that communication is productive.

  1. Flexibility: Successful negotiators remain adaptable and open to alternative solutions throughout the negotiation process. They adjust their approach based on new information or changes in circumstances to maximize the potential for agreement.
  2. Problem- solving: Effective negotiation involves identifying and addressing underlying interests and

concerns rather than focusing solely on positions. Parties collaborate to find creative solutions that satisfy the needs of all involved, fostering a win-win outcome.

  1. Assertiveness and Respect:Negotiators advocate for their interests assertively while maintaining professionalism and respect for the other party. Building rapport and trust is essential for constructive negotiations and long-term relationships.
  2. Compromise:*Negotiation often requires compromise from both parties to reach a mutually acceptable

agreement. Skilled negotiators identify areas where concessions can be made without compromising essential interests, seeking solutions that meet the core needs of both sides.

  1. Agreement Documentation: Once an agreement is reached, it should be documented clearly and

comprehensively. Written agreements outline the terms, responsibilities, and expectations of both parties, reducing the likelihood of misunderstandings or disputes in the future.

By incorporating these key features into their negotiation practices, professionals and organizations can navigate complex situations effectively, foster positive relationships, and achieve successful outcomes.

Question 8. List and describe three different negotiation techniques. Your answer should be 75-100 words for each technique or a total of 200-300 words.Satisfactory response

Yes

No ☐

Three different negotiation techniques:

  1. Collaborative Negotiation:

Collaborative negotiation emphasizes cooperation and joint problem-solving between parties. Rather than viewing negotiation as a zero-sum game, where one party's gain is another's loss, collaborative negotiation

seeks outcomes that benefit all involved. This technique involves open communication, active listening, and a focus on shared interests. By working together to explore creative solutions and accommodate each other's needs, parties can build trust and goodwill, leading to more sustainable agreements and strengthened relationships.

  1. Positional Bargaining:

Positional bargaining, also known as distributive negotiation, revolves around the exchange of offers and

concessions between parties. Each party starts with a predetermined position and seeks to maximize their gains while minimizing losses. This approach often involves tactics such as bluffing, anchoring, and making extreme demands to gain leverage. While positional bargaining can lead to quick agreements, it may also escalate

conflict and strain relationships if parties become entrenched in their positions without considering underlying interests.

  1. Interest-Based Negotiation:

Interest-based negotiation, also referred to as integrative negotiation, focuses on identifying and addressing the underlying interests and needs of each party. Rather than negotiating based solely on positions or demands, interest-based negotiation encourages parties to explore the reasons behind their preferences and collaborate to find solutions that satisfy multiple interests. This technique promotes creativity, flexibility, and problem-

solving, allowing parties to create value and reach agreements that maximize mutual gains. By focusing on underlying interests rather than rigid positions, interest-based negotiation can lead to more durable and

satisfying outcomes for all involved.

Question 9. Describe the stages in the negotiating process. Your answer should be 150-250 words.Satisfactory response

Yes

No ☐
  1. Preparation:

The negotiation process begins with preparation, where parties gather information, outline their objectives, and devise a strategy. This phase involves researching the other party's interests, assessing potential

alternatives, and setting clear goals. Adequate preparation lays the groundwork for effective communication and decision-making during negotiations.

  1. Opening:

In the opening stage, parties initiate direct communication and establish the framework for discussions. Introductions are made, ground rules may be set, and initial offers or proposals are presented. The opening phase sets the tone for the negotiation process, allowing parties to establish rapport and communicate their intentions and priorities.

  1. Exploration:

During the exploration stage, parties delve deeper into each other's interests, needs, and concerns. Active listening, asking questions, and seeking clarification help parties understand the underlying motivations behind each other's positions. Exploring common ground and identifying areas of agreement and disagreement provide a basis for generating mutually beneficial solutions.

  1. Bargaining:

The bargaining stage is characterized by the exchange of proposals, concessions, and negotiation of terms. Parties engage in give-and-take discussions, aiming to maximize their outcomes while finding compromises that address the interests of both sides. Effective communication, creativity, and flexibility are essential skills during the bargaining phase.

Text Box: 5.	Closing:
The closing stage occurs when parties reach an agreement or decide to conclude negotiations without a resolution. If an agreement is reached, parties formalize the terms, clarify details, and document the agreement. Closing negotiations positively, whether with an agreement or a commitment to revisit discussions later, helps maintain goodwill and foster future collaboration.


6.	Implementation and Review:
After reaching an agreement, the implementation and review stage involves ensuring that both parties fulfill their obligations. This may include monitoring progress, addressing any issues or disputes, and making
adjustments to the agreement as necessary. Regular reviews and feedback help uphold trust and ensure the successful execution of the negotiated outcome.

Question 10. Briefly describe the nature of agreements and contracts in businesses. Your answer should be 50-100 words.Satisfactory response

Yes

No ☐
  
 Text Box: Agreements and contracts in businesses outline the terms, conditions, and obligations between parties
involved in a transaction or relationship. They formalize the understanding reached during negotiations and provide a legal framework for conducting business. Agreements can be informal or formal, while contracts are typically legally binding documents that specify rights, responsibilities, and remedies in case of breach. Both agreements and contracts serve to establish clarity, mitigate risks, and ensure compliance in business dealings.

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