Reference no: EM133034747

Knowledge activity (Q&A) 

Objective: To provide you with an opportunity to show you have the required knowledge for this unit.

The answers to the following questions will enable you to demonstrate your knowledge of:

• Commercial context for business relationships in the relevant industry sector and related sources and networks
• Opportunities to maintain regular contact with customers and suppliers
• Principles of negotiation, stages in the negotiating process, and different negotiation techniques
• Nature of agreements and contracts in the relevant industry sector and their key role, features and inclusions
• Key components of contract law at an overview level
• Other legal requirements that impact negotiations and agreements in the relevant industry

Answer each question in as much detail as possible, considering your organisational requirements for each one.

All answers will vary depending on the learner and the organisation they work for but the learner should be able to answer each question competently.

1. Why is it important to understand the commercial context for business relationships, including industry specific needs?

2. How can you maintain regular contact with customers and suppliers (provide 5 or more options)?

3. What are the principles of negotiation, the stages in the negotiation process and the techniques you can use in your negotiations?

4. What types of agreements and contracts may you need to deal with in your business industry and what are their key role, features and inclusions?

5. What are the key components of contract law that you may need to know?

6. What other legal requirements can impact on negotiations and agreements in your business industry?