Recent Question/Assignment

Section 2: Business management skills
Task 4 — Developing and nurturing relationships with clients, other professionals and third party referrers
George and Mildred now require you to write a plan to assist in developing and nurturing relationships with clients, other professionals and third party referrers.
Your plan should address the following:
1. How CCF & MB’s policies and procedures and legislative, regulatory and professional codes of practice impact on developing and nurturing relationships
2. How you would use CCF & MB’s social, business and ethical standards to develop and maintain positive relationships
3. The importance of confidentiality and how you would maintain it in your dealings with colleagues, clients and other parties
4. How you would adjust your Interpersonal style to the needs and situation of other parties
5. How you would go about developing and maintaining business and professional networks and other relationships to benefit the organisation, and how you would use them to identify and cultivate relationships in order to promote and market the organisation
6. How you could use and cooperate with other professionals and third parties to expand and enhance the reputation of the organisation, and to identify new and improved business practices
7. How you would build referral business through appropriate communication channels to find and secure new business relationships
8. How you would identify referral needs and provide information p about CCF & MB’s relevant products and services
9. How you would secure interviews with referral business so that then needs of clients can be met.
(1,000 words)
You may use any format for your plan but it must address each of the points above. If you are unsure as to how to write a plan, you can refer to the Business Growth and Marketing topic and use the suggested SMEAC format outlined in Part 5, Section 12.
When completing this task, assumptions are permitted although they must not be in conflict with the information provided in the background information.
Student response to Task 4
Answer here
Assessor feedback: Resubmission required?
No
Task 5 — Growing the business
Having considered how you would go about building and nurturing relationships, George and Mildred now require you to turn your attention to marketing and promoting CCF & MB’s business. This requires you to develop a marketing plan for the business.
In developing your marketing plan you should consider the following:
1. Your plan should be developed in line with CCF & MB’s vision statement
2. The identification of target markets using a combination of research and your own personal experience
3. The identification of your major competitors (at least two) with a competitor analysis developed for each competitor
4. The identification of CCF & MB’s market position based on your research findings and analysis
5. How you would promote CCF & MB’s brand and the tools you would use to achieve this
6. The provision of options for increasing yield per existing client
7. How you would implement your plan and monitor it to ensure objectives/goals/performance indicators are being met
8. How you would adjust your plan if required.
(1,000 words)
You may use any format for your plan but it must address each of the points above. If you are unsure as to how to write a plan, you can refer to the Business Growth and Marketing topic and use the suggested SMEAC format outlined in Part 5, Section 12.
When completing this task, assumptions are permitted although they must not be in conflict with the information provided in the background information.
Student response to Task 5
Answer here
Assessor feedback: Resubmission required?
No
Task 6 — Identifying risk and applying risk management processes
George and Mildred have become very concerned about the potential risks that could jeopardise CCF & MB’s business operations. They were very impressed with your growth and marketing plans for CCF & MB so they have now moved you into more of a general manager’s role with expanded responsibilities, including managing CCF & MB’s risk. As part of your new responsibilities you are required to develop a risk management plan.
In producing this plan you are required to:
1. Establish the context for CCF & MB’s risk management plan
2. List and explain the tools you will use in assessing the risks you identify
3. Identify the stakeholders you would consult in establishing context and the tools you would use in identifying CCF & MB’s risks
4. Identify at least two risks that CCF & MB could face for each of the six categories of business risk including strategic risks, compliance risks, financial risk, operational risks, market and environmental risks and reputational risks with an appropriate risk statement for each identified risk
5. Conduct a risk analysis and risk evaluation for the risks you have identified
6. Identify treatments for them
7. How you will monitor and review them in your risk management plan.
When you are defining the risk criteria you intend to use you are required to create your own risk matrix to address likelihood and consequence.
Document your risk treatment plan using a risk register.
You may make any assumptions in producing your plan but these should be documented either in the body of your plan or separately before you produce it.
(1,000 words)
Student response to Task 6
Answer here
Assessor feedback: Resubmission required?
No
Task 7— Improving the business
Over the last few months business for CCF & MB has been very good with a number of new clients coming on board as a result of implementing your business growth and marketing plans. However neither you or the business owners are satisfied with maintaining the status quo; as you and they are committed to a program of continuous improvement.
You all feel that CCF & MB’s competitive advantage needs to be strengthened and a SWOT should be undertaken to establish CCF & MB’s strengths and weaknesses including benchmarking the business against the industry. You now decide that you will carry out a diagnosis of the business including a SWOT analysis and a benchmarking exercise to improve CCF &MB’s competitive advantage and its business. You are to produce a document covering your diagnosis which will be distributed amongst CCF & MB’s key personnel.
As a minimum your document should cover the following:
1. The data you have used as part of your diagnosis to identify CCF & MB’s competitive advantage
2. A SWOT analysis to identify CCF & MB’s strengths and weaknesses, its threats and opportunities
3. How you identified and sourced relevant benchmarking data
4. How you selected the key indicators (and who you consulted with) for your benchmarking exercise
5. A consolidated list of the areas for improvement you have identified with a cost-benefit ratio established for each of them
6. Recommendations on the changes that may be required that will affect existing workflows or CCF & MB’s organisational structure
7. A high-level action plan that will implement and monitor the recommended changes to be made.
(1,000 words)
In addition to the material on your Subject 2 learning guides the following links give you access to a step-by-step guide to benchmarking and determining competitive advantage:
• http://www.business.vic.gov.au/marketing-sales-and-online/increasing-sales-through-marketing/benchmark-your-business
Student response to Task 7
Answer here
Assessor feedback: Resubmission required?
No

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