Task 1
SWOT- Analysis
- Identified Network Name: Social Media Network
|
Strengths 1. Greater exposure to large number of clients or customers (Paniagua and Sapena 2014) 2. It is less expensive compared to other forms of advertising 3. Helps in finding partners 4. Helps in gauging what the others think |
Weakness 1. Additional resource requirement for managing online presence 2. Requires monitoring on a daily basis 3. Lack of active management might not yield business benefits as expected |
|
Opportunities 1. Provides a platform for receiving customer feedback 2. Conduction of market research about the target consumers 3. Improves networking with other business and customers |
Threats 1. Presence of inappropriate or unwanted behaviour in the site that includes harassment and bullying 2. Might lead to leakage of information, negative feedback or hacking |
- Identified Network: Professional/Industry Associations
|
Strengths 1. Provides information of how the changes in the legislation will impact the business 2. Provides useful resources like programs and information for meeting the industry standards 3. Helps in connecting with the other business in the industry 4. Enables managing the mentoring programs |
Weakness 1. Involvement of an annual fees 2. Time chewed up by annual meetings when the business is involved with more associations 3. Involves additional expenses in lunch, breakfast, dinner and the transportation of the association |
|
Opportunities 1. Enables the arrangement of the public relations or the advertising activities for promoting the industry 2. Organization of the advertising campaign for persuading or educating the public regarding the relevant issues of the industry (Axelsson and Easton 2016) 3. Enables lobbying on the industry’s behalf for influencing the government policy |
Threats 1. Time is consumed in reading monthly emails, newsletter and the publications that prevent the business from meeting newer clients. 2. Certain associations dedicates more time in meeting for sipping drinks and nibbling snacks rather than business 3. Additional pressure of increasing the pledge by taking a position within the committee or ensure the recruitment of other members (Schoonjans et al. 2013). |
Reasons for Joining the Network
The network participated in was professional/industry associations. This is because networking helps one in informing others about the presence of the business and its readiness in serving the consumer needs (Rasouli et al. 2016). Besides, this form of business network provides the members with a variety of services that not only includes training and support but also lobbying. In others words, it helps in creating personal contacts that helps in providing feedback, support, resources, insight and information.
The contributions included maintaining the functions and capacities necessary for the group along with ensuring that work is done efficiently. Providing referrals to the important contacts and information were also a vital part of the contributions made. At the same time, figuring future challenges and priorities and ensuring the stakeholder support was also an important contribution made.
Networking through industry associations allows a person in promoting his or her business. It is observed that most of the industries of Australia are represented via industry associations. Industry associations represent non-profit organizations meant for providing the members with series of services that included training, support and lobbying (O’Donnell 2014). Most of the association offered certain information and service free but for getting access to the wide range of resources, information and services it was vital to become a member in return of fee. Thus, becoming a member of one of the peak industry association enhances the credibility of the business as the membership helps in providing a proof to the customers that the business has not only met stricter criteria but also able to possess certain experience and qualifications.
Business networking through industry associations helps in providing the necessary information about the industry. More specifically, it helps in focusing the changes the changes to the legislation that can have a direct influence on the business. This form of business networking also aids a business with necessary programs and information that helps in meeting the standards of the industry. Industry association helps in running education and training programs, organizing seminars, facilitation of networking events and management of the mentoring programs (Vasudeva, Zaheer and Hernandez 2013). This type of networking activity helps a person in connecting to the other business of the industry. The benefits also include arranging advertising activities or public relations for promoting an industry. Networking through industry association also helps in organizing the advertising campaigns for persuading or educating the people regarding the relevant issues of the industry. It also enables lobbying on behalf of the industry for influencing the government policy.
The identified networking activities assisted in the attainment of the vocational goals by opening up opportunities of networking and by initiating a skill and training development program (Ellison, Gibbs and Weber 2015). The networking activities also put forward recent and relevant information for the business that included newer legislation, services or programs offered by the government and the private enterprise. In addition to providing incentives and financial discounts, the networking activities acted as the collective voice of the industry on issues mostly related to policy and regulation.
Development and maintenance of relationship with others can be done from a business perspective by adopting the following means (Sekaran and Bougie 2016. ):
- By Being Authentic: This implies not only portraying my actual self but also the same time have acceptance for others. This is done by finding companies and people to whom I feel naturally connected and there is an ease of communication based on common factors. Thus, the authenticity of the connecting personalities, viewpoint and the belief system accelerates a relationship.
- Identification of Shared Values and Goals: I observed that to take advantage of the trust of people, one can present oneself in a particular manner. In the business perspectives, there might be instances of difference in viewpoint but there should be instances of shared value.
- 3. Development of Mutual Respect: This I ensured by being selective, patient and watching the people in action. Building of mutual respect acts as a key criteria for the growth of relationships.
- Sharing Vulnerability: This implies supporting people through challenge, change and difficulty. Here my portrayal of vulnerability can act as the mark of authenticity.
- Ensuring Meaningful Connections for Better Networking Amongst People: One of the most important compliments for business is referral. Here I should not only be thoughtful but also have the right moves in connecting people for right reasons.
I can maintain and obtain the trust and the confidence of the networking contacts by adopting the following the following means( Hardwick, Anderson and Cruickshank 2013):
- By Demonstrating my Trust Towards Others:This I can do by being forgiving and generous towards someone who either makes a mistake or have disappointed me in certain ways. Jumping to worst conclusions about the motivation or competence of a person leads to suspicion.
- Creating Mutually Beneficial Relationships: I need to show the customers, co-workers and the employees that I care about them. This will help the customers in understanding the value of services and products and at the same time enable the employees in taking ownership.
- By Directly Addressing Issues: To gain the confidence and trust of the networking contacts, I should not only address complaints faster but share necessary information. Besides, I should also exude passion and pride for the business thereby leading to faster conflict resolution.
- By Being Flexible and Patient:Here I need to be more tolerant of the mistakes and considerate about the negative experiences and events that influences a person’s ability of trusting.
- By Respecting Others Time:I can do this by promptly replying to the calls and emails. I can also ensure this by being punctual to meetings.
- Delivering at Unexpected Level:This can be implemented through more time, service, convenience and sensitivity. This helps in adding real trust and value.
I can use my negotiating skills for encouraging the positive outcomes while undertaking the networking process by adopting the following means ( Block 2016 ):
- By Being Honest about the Goals: This particular mindset helps me in keeping focus and become less likely on agreeing to a particular offer that do not let the business achieve what it deserves.
- By Targeting Win- Win Outcome: I can strive for win- win outcomeby addressing concerns on both the sides and thereby work for ensuring a gain for both the parties from a particular deal.
- Determining Concessions: I can achieve positive outcomes through my negotiating skills by keeping the goals clear and by thinking through things that I am ready to give up.
- By Knowing When to Put a Stop to Negotiation:This is done before entering a negotiation. I should be in a position of projecting the strength even when a deal is abandoned.
The process I undertook for seeking specialist advice while developing the contacts include:
- Establish networking and contact with the possible specialists
- Undertaking investigation of the locations
- Finding out the charges for the service
- Finding how long the might take for gaining assistance
- Finding the referral process of the particular service
- Maintenance of confidentiality and asking for the permission of the client in writing release information
- Documenting every possible detail related to the situation of the client.
The two ways in which I obtained feedback for identifying and developing the ways of improving the promotional activities includes:
- Contact Forms and Emails:This serves as a powerful feedback tool. Quick response however makes the respondents more effective (Newman, Lim and Pineda 2013). In fact, a prompt response ensures close to 81 percent people in leaving a feedback.
- Method of Usability Testing: This method is useful and helps me in uncovering the issues that the customers struggles to achieve (Oztekin et al. 2013). This is useful in getting a process or feature right for the customers.
References:
Axelsson, B. and Easton, G., 2016. Industrial Networks (Routledge Revivals): A New View of Reality. Routledge.
Block, P., 2016. The empowered manager: Positive political skills at work. John Wiley & Sons.
Ellison, N.B., Gibbs, J.L. and Weber, M.S., 2015. The use of enterprise social network sites for knowledge sharing in distributed organizations: The role of organizational affordances. American Behavioral Scientist, 59(1), pp.103-123.
Hardwick, J., Anderson, A.R. and Cruickshank, D., 2013. Trust formation processes in innovative collaborations: Networking as knowledge building practices. European Journal of Innovation Management, 16(1), pp.4-21.
Newman, I., Lim, J. and Pineda, F., 2013. Content validity using a mixed methods approach: Its application and development through the use of a table of specifications methodology. Journal of Mixed Methods Research, 7(3), pp.243-260.
O’Donnell, A., 2014. The contribution of networking to small firm marketing. Journal of Small Business Management, 52(1), pp.164-187.
Oztekin, A., Delen, D., Turkyilmaz, A. and Zaim, S., 2013. A machine learning-based usability evaluation method for eLearning systems. Decision Support Systems, 56, pp.63-73.
Paniagua, J. and Sapena, J., 2014. Business performance and social media: Love or hate?. Business horizons, 57(6), pp.719-728.
Rasouli, M.R., Trienekens, J.J., Kusters, R.J. and Grefen, P.W., 2016. Information governance requirements in dynamic business networking. Industrial Management & Data Systems, 116(7), pp.1356-1379.
Schoonjans, B., Van Cauwenberge, P. and Vander Bauwhede, H., 2013. Formal business networking and SME growth. Small Business Economics, 41(1), pp.169-181.
Sekaran, U. and Bougie, R., 2016. Research methods for business: A skill building approach. John Wiley & Sons.
Vasudeva, G., Zaheer, A. and Hernandez, E., 2013. The embeddedness of networks: Institutions, structural holes, and innovativeness in the fuel cell industry. Organization Science, 24(3), pp.645-663.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
