Communication & Negoiation

Question 1

Different types of communication

Answer 1

Email
Telephone
Letter 
Video call 
Social Media
Face 2 face meeting

Question 2

What are the advantages/disadvantages of emails

Answer 2

Advantages;
Fast - when compared to a letter
acts a record/file note
can attach documentation and send to mutliple people

Disadvantages:
Less formal than a letter and can lead to careless remarks being made.
Send emails by mistake or to the wrong contact
Spreading viruses

Question 3

What are the advantages/disadvantages of telephone

Answer 3

Advantages
Able to explain matters and get immediate feedback
Very accessible - most people can be contacted through the telephone

Disadvantages
The person must be available to take your telephone call
It is not easy to make a record of what is said during the call. Things might be forgotten or mis-interpreted.

Question 4

What are the advantages/disadvantages of Letter

Answer 4

Advantages
Professional and formal
Provides a record

Disadvanatges
Slow
Time consuming

Question 5

What are the advantages/disadvantages of Video Call

Answer 5

Advantages
Multiple people can join - good for teams
Able to see facial expressions and build rapor
all the advantages of telephone call.

Disadvantages
Issues with time lag and connectivity

Question 6

What are the advantages/disadvantages of social media

Answer 6

Advantages
cheaper than traditional advertising activities
You can deliver improved customer service and respond effectively to feedback
grab the attention of potential customers and increase brand visibility.

Disadvantages
Allows for public negative feedback
Ineffective use or bad use can be damaging

Question 7

What are the advantages/disadvantages of Face 2 face meeting

Answer 7

Advantages
More personal seeing them in person
Able to build a relationship

Disadvantages
Time and travel costs
COVID 19 restrictions

Question 8

How do you listen to your client

Answer 8

I use an active listening technique whereby I do not interupt, I ask questions regarding the conversation and show signs I’m listening through eye contact.

Question 9

What steps do you take prior to a negoiation

Answer 9

I make notes on what my client wants from the negoiation and what I believe they want. Identify trade-offs. Make a list of our concessions.

It’s important to understand our position prior with regards to the bottom figure we’ll accept etc.

Question 10

What are the steps of negotiation

Answer 10

1. Preparation & planning
2. Exchange of Information - Both parties exchange their initial positions.
3. Clarify - Clarification of the inital positions and raise points of disagreements.
4. Bargain/problem solve - Meat of the process of negotiation, during which both sides begin a give-and-take. The goal of this step is to emerge with a win-win outcome—a positive course of action.
5. Conclude & Implement - outline the expectations of each party and ensure that the compromise will be implemented effectively.

Question 11

In the children’s clothing brand case how did you carry out negoiations.

Answer 11

prior to speaking to the interested party i made notes regarding our valuation figures and potential sales costs we would be saving if the deal was agreed to work out our bottom line justifible figure.

I also looked at influencing factors such as the payment terms.

The negoiation on this case ran alongside negoiating with a creditor for release of the stock.