Establish and Maintain Strategic Network

Establish and maintain
strategic network

Table of Contents
PART 1............................................................................................................................................3
PART 2 ...........................................................................................................................................6
PART 3............................................................................................................................................8
REFERENCES..............................................................................................................................11
Books and Journals...................................................................................................................11

PART 1
1. What is a strategic network?
Ans. Strategic network can be characterised as a concept wherein the business firms coordinate
with each other in order to establish collaboration as well as cooperation among each other. It
helps to build interconnectivity among the organisation which in turn can help to facilitate
strategic objectives in a productive manner.
2. In order to establish strategic network connections the value and likely outcomes from
participation in networks should be identified. What are the personal and organisational benefits
to be gained from strategic networking?
Ans. The most essential benefit of strategic marketing can be termed as stronger business
connections which can provided enhanced leverage to the firm in various organisational contexts
(Hernandez and Menon, 2021). Strategic network promotes the generation of new business
concepts as well as implementation of creativity is also accelerated through the same.
3. Think about strategic networks you may belong to now, have belonged to in the past, or would
like to belong to. Choose two of these; one informal, one formal, and describe the scope of the
network and the value in belonging to this network. Consider the members of the network and
the pros and cons in terms of value.
Ans. Formal networks :- The scope of formal network is rigid in nature. The value of the
concerned network is extremely high.
 Pros - The particular network are more likely to provide added advantage in business
solution as well as facilitation in the industry.
 Con - Negotiations as well as maintenance of formal relationship can be a tough task.
Informal networks :- The scope of informal network is more wide in nature. The value derived
from the same is less ( Dai, Liu and Luo, 2021).
 Pros – The communication is much easier and flexible.
 Cons – Privacy concerns and distortion of information.
4. What methods can be used to research and assess the value of strategic networks?
 The detailed investigation of the available networks

 The evaluation of its advantages and disadvantage
 Testing network against numerous network variables
 Selection of the most appropriate network
 Implementation of the most valuable network
5. Outline strategies and methods that can be used to maintain and expand strategic networks.
 Exercising the voluntary networking within the business enterprises.
 The appointment of network leader who can establish network operations in a prominent
manner.
 Utilisation of social media platform such LinkedIn, Facebook and Instagram in order to
meet new industry professional and engage with the same.
 Participating in industry events and involvement in business campaigns can also
accelerate the networking opportunities for the business institution.
6. In implementing a value network approach what is meant by ‘relationship management’?
Ans. Relationship management highlights upon building and maintenance of good working
rapport among the industry members in order to ensure better coordination of business
operations as well smooth functions of the enterprises as well (Weber and Haseki, 2021).
7. Outline strategies and methods that can be used to establish new network links to key internal
and external stakeholders.
Ans. In order to facilitate the linking network between internal as well as external stake holders,
following strategies can be taken into consideration :-
 Establishment of linking portal which can assist in communication procedures between
both the parties.
 Hosting programs and events an also help to link both the internal and external
stakeholders.
8. Identify the characteristics of a strong working network relationship. How are strong working
relationships developed and maintained among network members?
Ans. The characteristics of strong working relation can be termed as follows :-