Establish and Conduct Business Relationships - Desklib

This document discusses how to establish and conduct business relationships. It covers topics such as building relationships, conducting negotiations, making formal business agreements, and more. It also provides tips and strategies for maintaining positive relationships with suppliers and customers. The document is relevant for students studying business, management, and related subjects.

Running head: ESTABLISH AND CONDUCT BUSINESS RELATIONSHIPS
ESTABLISH AND CONDUCT BUSINESS RELATIONSHIPS

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ESTABLISH AND CONDUCT BUSINESS RELATIONSHIPS
Table of Contents
SECTION 1: build business relationships.......................................................................................3
SECTION 2: conduct negotiations..................................................................................................4
SECTION 3: make formal business agreements.............................................................................8
References......................................................................................................................................12

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SECTION 1: build business relationships
1. Service suppliers (such as utilities like energy): Electricity suppliers have two types of
external customers. Those are the Government of Australia and the general population.
Hospitality suppliers: External customers of hospitality suppliers are international tourists and
domestic tourists.
Communication suppliers: External customers of communication suppliers are telecom
organizations and manufacturing organizations (Hunter & Cohen, 2019)
Distribution: External customers of distribution are the general population and delivery service
providing organization.
Marketing: Manufacturing organizations and sports companies are two different external
customers of marketing.
2. I. Listening skills
II. Verbal communication
III. Non-verbal communication (Fonfara, Małys & Ratajczak-Mrozek, 2019)
IV. Problem-solving skills
V. Negotiation skills
VI. Assertiveness

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3. For regular contact with suppliers to communicate better and faster stronger business
relationships, an organisation has to
I. Maintain a positive attitude
II. Focusing on the effective communication process by making it efficient, timely and work
prioritise
III. Sharing the knowledge with the suppliers
For maintaining regular contact with the customers and strengthening the business relationship,
the organisation has to
IV. Develop a proper customer support system
V. Continuous opinions and feedback need to be received from the customers
VI. Analysing the customer loyalty stages (Fehsenfeld & Levinsen, 2019)
SECTION 2: conduct negotiations
4. The four stages of negotiation are:
I. Preparation
II. Opening phase
III. Bargaining phase
IV. Closure phase

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5. In general, I normally wear a suit and tie for business with suppliers. In the time of visiting
rural some for fresher vegetable delivery, I will not be wearing the suit and tie. Positive attitude
and open up mentality are the best way to create a business relationship. Therefore, normal
casual outfits which are useful for visiting a rural some is enough (Dohe, Hamidzadeh &
Wallberg, 2019).
6. Before entering into the negotiation with the producer suppliers, the significant things are
I. Gathering information about the farm
II. Leverage evaluation regarding this information
III. Understanding the farmers and contribution
IV. Building rapport for further conversation
V. Establishing proper objectives
VI. Identifying the type of negotiation and developing a plan
7. Chef- He will be only focusing on the best quality of fridge vegetables for the kitchen
Food and beverage manager- Food and beverage manager will want to reduce the total amount of
contract for the organisational profit, which can cost a huge loss to the farmers (Ashnai,
Smirnova, Henneberg & Naudé, 2019).
Leader and sweeper- associated with negotiating the deal with can be beneficial for both the farm
and the restaurant
8. According to the given scenario, the use of a mixed approach is appropriate from the three
given negotiating styles. In the distributor approach, one of the parties is benefited and the other

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one is not (Milani, 2019). But in the integrative approach, voter parties will be benefited and get
what they want. However, the short term relationship of these parties may not be beneficial but
the use of mix approach will provide benefits and significant commercial value to both the
parties.
9. I. sharing knowledge with each other can be used as a beneficial negotiation approach
II. Write down the priorities and rank them
III. Developing knowledge regarding the target price and terms and condition of walking away
IV. Making the effort to do the first offer
V. The first offering doesn't have to count as low
VI. The offer should be satisfied with both the parties
10. I. Complaining to the landlord by identifying health or safety issues (Hunter & Cohen, 2019)
II. The landlord can sue the restaurant for breaching the contract
III. Different issues from the neighbourhood
IV. Different pitfalls of the small restaurant business can be identified
V. Pollution-related issues which can occur from a restaurant business is enough for preventing
the agreement

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11. As per the given scenario, I would talk to the real estate agent directly to respond more
professional in terms of business. Besides that, I would start my conversation with him by
providing him with a beneficial offer. This will help me in drawing his attention to the meeting.
12. If the other party wants to close the negotiation, then
I. He will change the decision (Fonfara, Małys & Ratajczak-Mrozek, 2019)
II. He will sign the agreement
III. He will leave the negotiations process without finishing it.
13. I. Careful analysis by the colleges about the other party
II. Ignoring all the demands and focusing on the other party and their priorities
III. Taking their positions during the negotiation for using a better approach
14. I. Organizational business report
II. Break-even analysis (Fehsenfeld & Levinsen, 2019)
III. Annual financial report
IV. The total cost structure and organisational audit
SECTION 3: make formal business agreements
15. The main reason behind entering into the contract is to legalize the agreement between two
or more parties. A contract is counted as a way of legalised communication for accepting the
terms and conditions of each other.

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16. A contract is known as a legal binding agreement which is deliberate and voluntary for
achieving the same agenda. For entering into one contract an individual has to agree with each
term and conditions under the agreement (Dohe, Hamidzadeh & Wallberg, 2019).
17. If one party is not able to meet their contractual obligations then he has to face legal
consequences. Each country has its own contract law and the individual will be furnished as per
the contract law.
18. The appropriate time of drawing of a contract is to maintain the interest of both the party
with safety and security. A proper contract helps every individual to maintain their interest
lawfully (Ashnai, Smirnova, Henneberg & Naudé, 2019).
19. The five external customers who might enter into a contract with are:
I. A General customer
II. The suppliers
III. The government
IV. The client
V. The employees
20. I. Fixed price contract
II. Unit pricing contracts
III. Bilateral contract

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21. The two different documents, which contains legal requirements that impact negotiations and
agreements are:
I. Leasing premises (Milani, 2019)
II. The intellectual property and supplier agreements
22.
 Both parties understand their creating legal relations, and are going to abide by the
contract which is legally enforceable is known as a valid contract.
 One party makes an offer and the other accepts it is known as offered.
 One party gives something in exchange for something from the other party is known as
offer and acceptance (Hunter & Cohen, 2019).
 Both parties are mentally capable of understanding a contract is known as a mutual
agreement.
 Both parties agree to the contract of their own free will are known as contracting parties.
 All parts of the agreement illegal and it are known as legalizing agreement or contract
accepted by the legal system.
23. Terms and conditions- The terms and conditions are known as the rules which are part of
every legally binding contract. Each of the parties has to maintain these rules for obeying the
contract (Fonfara, Małys & Ratajczak-Mrozek, 2019).
Exclusion clause- The exclusion clause is known as an important term of a contract. This term
points out one of the exclusion party, who was not able to maintain his liability under different
situations, circumstances and conditions.

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Dispute resolution clause- The dispute resolution clause focuses on the process where the
contracting parties want to resolve any type of dispute which arises in the process of contract
(Fehsenfeld & Levinsen, 2019).
24. Three different ways for terminating a contract are
I. Due to the impossibility of performance
II. Completion of the contract
III. Breach of contract
25. The five different people or groups who may need to approve all aspects of the formal
agreement are
I. The employer
II. The accounts department
III. The Human Resource department
IV. The production team (Dohe, Hamidzadeh & Wallberg, 2019)
V. The client
26. In the initial stage notice and forth of approval is required. After the successful vote
agreement content and unlawful content need to find out. After that, the application needs to be
sent to the commission for approval. Acessing the application documents and commission
considerations are the next steps. Finally, the approval will be undertaken.

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27. When developing a business contract the need for a consultant with a specialised for advice
is highly required. To understand the authenticity of the contract and the lawful benefits can
begin with the business contract need to be verified by the specialist (Ashnai, Smirnova,
Henneberg & Naudé, 2019).
28. After receiving a contract from linen supplier, verifying the legal binding is required.
Therefore, initially consulting a specialist for understanding the proper terms and condition of
the contract is required.

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References
Ashnai, B., Smirnova, M., Henneberg, S. C., & Naudé, P. (2019). Dyadic Operationalization in
Business Relationships: The Empirical Example of Marketing-Purchasing
Collaboration. Journal of Business-to-Business Marketing, 1-24.
Dohe, K., Hamidzadeh, B., & Wallberg, B. (2019). Doing More, With More: Academic
Libraries, Digital Services, and Revenue Generation.
Fehsenfeld, M., & Levinsen, K. (2019). Taking Care of the Refugees: Exploring Advocacy and
Cross-sector Collaboration in Service Provision for Refugees. VOLUNTAS: International
Journal of Voluntary and Nonprofit Organizations, 1-14.
Fonfara, K., Małys, Ł., & Ratajczak-Mrozek, M. (Eds.). (2019). The Internationalisation
Maturity of the Firm: A Business Relationships Perspective. Cambridge Scholars
Publishing.
Hunter, A. P., & Cohen, S. (2019). New Entrants and Small Business Graduation in the Market
for Federal Contracts. Center for Strategic & International Studies.
Milani, F. (2019). Business Analysis Plan and Monitoring. In Digital Business Analysis (pp. 111-
125). Springer, Cham.