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FNSCUS501 Develop And Nurture Relationships

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FNSCUS501 Develop And Nurture Relationships

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Course Code: FNSCUS501
University: Charles Sturt University

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Question:

Magazines and other resources supplied by your trainer/assessor to help you with your answers. Make sure you answer all questions. You are required to answer all questions correctly. If your assessor finds that you have not completed one or more questions successfully, your assessor will discuss reassessment options with you.  You may need to redo all or part of the assessment.
1.Explain why it is important to maintain confidentiality of information at work. Give at least three examples of information that must be kept confidential.
2.Outline key information that should be included in an organisation’s communication protocol for communicating internally, as well as externally.
3.Identify and briefly describe at least three ways that an employee could use to establish and maintain business relationships in order to develop business opportunities
4.Outline two examples of effective interpersonal communication that can be implemented at work.
5.Outline effective strategies for cross-cultural communication.
6.Explain the key principles of negotiation that should be used in the workplace to ensure that agreements are reached.
7.List four characteristics of an effective business negotiator. For each characteristic, explain why this is important for effective business negotiation.
8.Briefly explain the concept of a win-win negotiation.
9.List three factors that would make a negotiation more likely to succeed.
10.Explain the purpose of a relationship management plan and how it can assist in developing and maintaining business relationships.
11.Discuss the key requirements of each of the following Acts and for each Act explain why the Act is important for relationship management with customers and staff.

Answer:

Explain why it is important to maintain confidentiality of information at work. Give at least three examples of information that must be kept confidential.

This is done to avoid the loss of business clients. When information gets into the wrong people, it can be misused to carry out illegal activities such as fraud and discrimination which can lead to lawsuits against the business which can be very costly (Evans, et al. 42). Disclosing sensitive management and employee information may lead to the loss of trust, loyalty and confidence of the staff which results in to low productivity. Data which is to be kept confidential include, employee information such as contacts, management information such as layoffs, and business data such as trade secrets.     

Outline key information that should be included in an organisation’s communication protocol for communicating internally, as well as externally.

A communication protocol should include the policies of communication, the methods of communication, the ways of responding to the various communications, timeframes of communication and the formats of communication (Rababah, Haslina and Huda, 22). 

Identify and briefly describe at least three ways that an employee could use to establish and maintain business relationships in order to develop business opportunities
Building network with customers. This can be through the social media platforms including LinkedIn, Facebook and WhatSapp to enable constant communication all through(Brinckmann, Dietmar and Diana, 29).
Constant communication with customers. It is always good to update customers of any changes or new items in store for them. The communication keeps themselves informed and encouraged to shop
Constant research about business industry. This strategy ensures that one is informed about what is happening concerning the industry and any changing trends and customer preferences.     
Outline two examples of effective interpersonal communication that can be implemented at work.
Use of body language well- this involves applying positive body language to avoid discouraging the listeners and encourage feedback
Good listening skills- it is good to give others time to react to issues and hear their views before responding to them     
Outline effective strategies for cross-cultural communication.
Be flexible when dealing with a wide array of listeners
Be able to recognize any possible complexities among listeners
Respect the differences among people
Listen actively to all people
Building self-awareness for people to accommodate others
Explain the key principles of negotiation that should be used in the workplace to ensure that agreements are reached.
Gathering information- value creation is needed and is done to understand the counterparts well before any communication is done
Build relations-these are used to create trust that comes through friendship with counterparts
Understand ones BATNA and the counterparts BATNA. This helps to identify the zone of possible agreements(Shell, 47).
Listen counterparts- it is good to listen the others as one wishes to be listened so that an agreement can be reached
Take care of the target- one should not reveal the target of negotiation too early to the others (Payne, and Pennie, 169).  
List four characteristics of an effective business negotiator. For each characteristic, explain why this is important for effective business negotiation.
They focus on win/win situation- this means that they are not disappointed when the outcome does not favour them
They are patience-this enables one to avoid making mistakes that come through doing things in a hurry
Keen listening skills-this helps them understand the baseline of their counterparts before they can respond to the claims(Linoff, and Michael, 98).
They are creative-this enables them look for possible ways to attain their target without forcing things out.
Briefly explain the concept of a win-win negotiation.

Win-win negotiation process is an integrative form of agreement. This means that the agreed solution is the best and cannot undergo any more improvement. Both parties are comfortable with the outcome. Any change disturbs the state of the agreement and may stir conflict again (Levy, Barton, and Dhruv, 21).  

List three factors that would make a negotiation more likely to succeed.
Ability to back up the positions of each party
High levels of transparency among the parties
Avoiding egos in negotiation process
Explain the purpose of a relationship management plan and how it can assist in developing and maintaining business relationships.

Relationship management plan focuses on developing a solid rapport among customers and the business (Hollenbeck, Raymond, and Barry, 33). It seeks to find the interest of customers and maintaining them.  It includes the methods for increasing business relationships as well as the various ways that help develop the business and open up new opportunities. The plan helps maintain current customers more than looking for new ones since it is cheap. It includes techniques of marketing and post-sale techniques of support.

Discuss the key requirements of each of the following Acts and for each Act explain why the Act is important for relationship management with customers and staff.

Age Discrimination Act 2004

The act prohibits the discrimination of people based on age in various areas which include education, employment, accommodation as well as the provision of services and items. According to the act, persons of any age may face discrimination (Ligertwood, and Gary, 25). It discourages these forms of discrimination so that every party feels accommodated and can make purchases.    

Disability Discrimination Act 1992

The act prohibits any form of discrimination against disabled people in Australia in areas such as education, employment, premises that are publicly accessible, provision of services and items, clubs associations, accommodation and other contexts (Ligertwood, and Gary, 25). It helps ensure that staff and customers who are disabled feel as part of the entire community and can buy from the business.     

Fair Work Act 2009

The act provides workplace relations that in provides a productive balanced framework that promotes a social inclusion and national economic prosperity for Australians (Ligertwood, and Gary, 25). It encourages unbiased or subjective perspectives in the work places which encourages good networking both internally and externally for the business.                   

Racial Discrimination Act 1975

The RDA is an act against discrimination based on race in all parts of the Australian territory, including the actions to be taken against the offenders. It encourages foreigners or people of other races to feel part of the business as they can make purchases without any limitations (Ligertwood, and Gary, 25).  

Sex Discrimination Act 1984

This act discourages discrimination against gender in Australia. It encourages people of all genders to feel as important stakeholders of any business based on the comfort given within the business.    
Client relationship project
Subject: Meeting appointment
I hope this email finds you well and in good health. It has come to our notice that you are interested in one of our loan plans so that you can make a purchase of a house. This email is meant to inform you that grow wealth management are ready to help you out and has planned to meet with you concerning the need. I wish to inform you that we are to meet on Friday, the 4th august 2018 so that you can be taken through the guidelines related to the type of mortgage you are interested in. Please, confirm your attendance and let me know. I look forward to meet you. Thank you in advance      
Yours faithfully,
Customer service manager,
Cate Adrian.  
Networking project
I hope this email finds you in good health. It is meant to bring to your attention, the network I have chosen and joined as well the benefits expected from within. The network is called ‘professionals social network’.  
The network involves meeting, socializing and getting to know one another based on the professional one is development. This includes sharing with people information related to career, area of work, education levels, skills learnt and employment opportunities one expects to get or share with members. The contact details of the group include the following;
New members are required to give a membership fee of $100 for managing the website and other important issues related to the network. A yearly contribution of $ 50 is done by members to develop and manage issues related to the network.
The network has both professional and personal benefits. Personal benefits include the following; meeting new people to associate with, sharing ideas meant to develop us socially and going new places. The professional benefits include; sharing information related to career development, sharing job opportunities, and being advised regarding career development and related benefits.
The work team is to be informed through the group website as there is an area for posting important issues or the group email which everyone has access to. The upcoming event is a get together party meant to welcome the new members to the group as well as meet new people.
References
Payne, Adrian, and Pennie Frow. “A strategic framework for customer relationship management.” Journal of marketing69.4 (2015): 167-176.
Rababah, Khalid, Haslina Mohd, and Huda Ibrahim. “Customer relationship management (CRM) processesfrom theory to practice: The pre-implementation plan ofCRM system.” International Journal of e-Education, e-Business, e-Management and e-Learning 1.1 (2011): 22.
Linoff, Gordon S., and Michael JA Berry. Data mining techniques: for marketing, sales, and customer relationship management. John Wiley & Sons, 2011.
Levy, Michael, Barton A. Weitz, and Dhruv Grewal. Retailing management. Vol. 6. New York: McGraw-Hill/Irwin, 2012.
Evans, Kelly N., et al. “Robin sequence: from diagnosis to development of an effective management plan.” Pediatrics(2011): peds-2010.
Brinckmann, Jan, Dietmar Grichnik, and Diana Kapsa. “Should entrepreneurs plan or just storm the castle? A meta-analysis on contextual factors impacting the business planning–performance relationship in small firms.” Journal of business Venturing 25.1 (2010): 24-40.
Hollenbeck, John R., Raymond A. Noe, and Barry A. Gerhart. Human resource management: Gaining a competitive advantage. McGraw-Hill Education, 2018.
Shell, G. Richard. Bargaining for advantage: Negotiation strategies for reasonable people. Penguin, 2006.
Ligertwood, Andrew, and Gary Edmond. Australian Evidence: A Principled Approach to the Common Law and the Uniform Acts. LexisNexis Butterworths, 2010.

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