Establish and Maintain Strategic Networks Assignment
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Added on 2021-01-02
Establish and Maintain Strategic Networks Assignment
Added on 2021-01-02
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ESTABLISH AND MAINTAINSTRATEGIC NETWORKS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Network.......................................................................................................................................1Strategic network .......................................................................................................................1Advantages of strategic network.................................................................................................1Formal and informal networking................................................................................................2Stakeholders................................................................................................................................3External stakeholders..................................................................................................................3Three networks benefit of networking .......................................................................................4Benefit of networking.................................................................................................................4Communication ..........................................................................................................................4Policies........................................................................................................................................5TASK 2............................................................................................................................................5Aims and objectives....................................................................................................................5Objectives....................................................................................................................................5Overview of the proposal............................................................................................................6Benefits and outcomes................................................................................................................6Strategic Value............................................................................................................................7Key Stakeholders........................................................................................................................7Communication methods and strategies......................................................................................7Working in Victoria....................................................................................................................7Legal and policy requirements....................................................................................................8Key principles.............................................................................................................................8Further Resources........................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONStrategic network is a concept followed by associations, group of people andcommunities for personal and business growth and exploring the business functions forexchanging the views and knowledge (Zhang and Leung, 2015). A strategic approach is used todetermine the professional and personal goals. This report is prepared to general review onstrategic networks in private and public. A well organised strategic network is established andmaintained for accomplish personal and business goals.TASK 1NetworkNetwork considered as a system or group of interconnected communities and people.used in technical aspect to connect communities in a single format. It provides a structure orplatform to share view, ideas, thoughts of different communities at particular network. It isconsidered as a place where flow of information found in particular direction or area. Strategic network Strategic network is known as a strategic network which remain valuable of informationand expertise and competitive advantages for organisations (Cwalina, Falkowski and Newman,2015). It is important for personal growth, development of business, sustainable developmentand growth of business, transfer and exchange of information. This helps by developing personalskills and improvement of business management structure by implementing strategic tools andtechniques. Strategic network plays vital role in small scale investitures and start up projects.Strategic networking is a combination of collaborators, competitors, influencers, suppliers,champions, new clients. This network collaborates with these member’s subject to developbusiness and professional goals. Advantages of strategic networkThere is type of benefits of strategic network are defined as follows;It brings opportunities to connect with more people and motivated groups. Opportunitiescomes from strategic networking in form of joint venture, business partners and clientleads.1
It delivers great source of connections which opens opportunities and door to talk tohighly task to or find.It provides expertise which not only beneficial to grow business operations and functionsbut also helpful in developing personal skills and management. It helps in solving the strategic decision and make strategic plans for development ofbusiness structure. Formal and informal networkingFormal networkingFormal network is mainly associated with communication networks that present patternand structure of communication for example formal communication facilitated for betteropportunity and development. It makes smooth and simple formal communication network andhelps in resolving conflicts which occurs in communicating information and ideas directly tousers. Wheel network, chain network, circle network, free flow network and inverted Vcommunication networking are main parts of formal networking.Benefits of formal networkingFormal networking help in connecting with users and communities directly withouthaving help of any third party (Bader and Schuster, 2015). Direct flow of information mainlyused which reduce lagging period of executing information and details to users. At formal levelnetworking helps to correlate main functions in more significant manner.Informal Networkingthese are networks remain less rigid and do not retain strong ties or contracts obligatory.Informal networks follow assumption of sharing information and knowledge and are bifurcatedby asynchronous relation.Benefits of Informal networkingIt helps to correlate information and details by general conversation and discussion. Itusually helps in directing and connecting unintended offense or misinterpretation. This also helpsin connecting relevant culture of connecting with communities with informal way and formation.A formal procedure is not used subject to analyse aspects for developing business sections.2
StakeholdersThese are considered as an independent parties and authorities with contributessomething in particular association and organisation to gain personal benefits. A person mainlyconcerns in something, specifically a business. Internal stakeholders are part of internal networking and network analyse. This mainlyassociated with designing usefulness and network strategy for research organisation. Internalstakeholders affect the internal strategic planning and network analysis. Internal stakeholders aredefined as follows:Internal parties as group of union: se are considered as lower level staff whichengaging in manufacturing and utilise physical capacity under group of union (Suess-Reyes andFuetsch, 2016).Employees: these stakeholders retain large number of share in an organisation and playsvital role in creating ethical network. A wider strategic network is required to create an ethicalformat and managing operations for developing structure and managing manpower management.Managers: These stakeholders remain part of management team, strategic networkingassociated at small level and managing market strategies and plans. Management of businessmainly associated with determining key development and growth plans.Owners: These are considered main parties who form basis organisational structure bycontributing capital, finance and money. External stakeholdersMedia, local groups, communities and associations, religion and churches, schools, tradeunions, social movement and advocacy groups, suppliers, Government: this is considered as a legal authority which controls legal actions andprovides provisions for better strategic planning and strategic management.Creditors: These are outer stakeholder who provides external helps association andorganisation in terms of monetary elements and source materials.Shareholders: These stakeholders retain some certain shares of company and ownershipsfor organisation (Gregory, 2015). It also considered as an owner of organisation but lack ofenough amount of ownership separate them. 3
Customers: These are considered more essential aspect in terms of business growth anddevelopment. A better customer network helps in coordinating operations in more specific andsignificant manner.National NGOs and international NGOs: National Government organisations areauthorities works for underprivileged communities and societies. re are some certain rules andregulations are made knows as corporate social responsibilities and ethical standards which makeorganisation liable towards These communities. Strategic networks are considered in thiscontext. Three networks benefit of networking Personal networking: network which mainly associated with connecting communitiesfor personal growth and development. Main objective of personal networking helps indeveloping personal growth and development structure. Operational networking: To make ethical operational structure and network operationare used in this context. This helps to connect and relate tasks and normal routine task in bettermanner (Harwood, 2017). Strategic networking: This mainly helps to control outsiders and it enables to connectorganisation objectives and suggestions.It includes formal and informal structure of business, circulation list, e-network, bulletinboards, virtual communities, mailing list to build an effective network. Benefit of networkingType of advantages of networking are defined as follows;It helps for start-up organisations and own businessIt helps in build strong base of career ladderNetworking simplify long term and short term investments in terms of building effectivestructure and path. It encourages business models and schools It leads lifelong friendships and management teams. Communication It is important to maintain the communication level in all the three groups of networkingas 4
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