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Bsbtwk 401
Business Finance (BANK 2007)
University of South Australia
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Q.
Case Study: Bounce in the City
Bounce Fitness is a premier fitness and wellness center in Australia. With its four centers across different cities, Bounce Fitness aims to be the top name in providing health and wellness programs. You are working as a marketing assistant with the marketing team from the head office. Bounce Fitness plans to work with other businesses within the citcenterses of Brisbane, Sydney, and Melbourne by providing wellness strategies and programs. Read more about the plan from the link below: Bounce Fitness Corporate Marketing Plan bouncefitness.precisiongroup.com/category-infrastructure/current-projects/ Answer the questions that follow based on this plan. Use your own words for your responses.
- Review the market needs presented in the marketing plan. Based on these needs, identify the three business development objectives that Bounce Fitness aims to fulfill.
- Based on the marketing plan, identify at least two networking objectives of Bounce Fitness to meet their business objectives.
- Based on the identified objectives above, identify at least two networking opportunities that Bounce Fitness can use to promote their business.
- Refer to the Corporate Marketing Plan’s SWOT Analysis. Identify the three barriers that could hinder the business development opportunities for Bounce Fitness.
Q.
This task will require you to determine at least two networking opportunities for your business or organization. This must be based on your organization’s business development objectives and policies and procedures. To complete this task, you must:
- Identify at least two different business development objectives of the organization.
- Identify at least two business opportunities that your business aims to offer to your networks and
contacts.
Access and review your organization’s policies and procedures for participating in networking opportunities. • Identify at least two networking opportunities where you can promote each of the business opportunities identified.
Copy and paste the following table in the answer space and complete it with the information identified.
You will use this information to complete Workplace Project Task 2
Workplace/Organisation Your Work/Job Role
Business Development Objectives
Relevant Business Opportunities
Relevant Networking Opportunity
Identify at least one relevant networking Identify at least two businesses Identify at least one relevant opportunity to promote the business opportunity. development objectives of businesopportunitiesty for each These must be aligned with your organization’s your organization. identified business objective. policies and procedures. a. b.
Q.
This task will require you to seek advice from relevant personnel to develop at least two relevant business contacts. You will also need to conduct initial contact with each of these two business contacts to present your business opportunities with them. This task is divided into two parts:
Part A. Seek specialist advice to develop contacts To complete this task, you must:
- Prepare the information you have from Workplace Project Task 1.
- Identify and write down (in the answer space) at least one relevant person to whom you will need to seek specialist advice from on business contact development.
Part B. Initial contact with business contacts To complete this task, you must:
Conduct initial contact with at least two business contacts identified from your consultation with the relevant personnel.
In your initial contact with them, you must: o Briefly introduce your organization, your work role, and the business opportunity you offer.
o Identify the problem and gather information to resolve it. o Evaluate options and determine solutions to resolve the problem.
Submit evidence of your negotiation with each of your business contacts in your answer space. Evidence must be any of the following: - Email correspondence - Meeting minutes
Q.
This task will require you to develop at least two strategies on how you can promote and represent your organization’s business opportunities to your contacts.
Use the generic Business Promotion Plan template TWK40 1 - Generic-Business-Promotion-Plan Submit the completed business promotion plan in the answer space.
To complete this task, you must:
- Identify at least two business opportunities that your business aims to promote to your contacts.
These can be any of the following:
- o Opportunities you identified in Workplace Project Task 1, which you will promote to other business contacts o Other business opportunities that your business can further offer to the same business contacts from Workplace Project Task 1.
- Identify each business contact to whom you will promote your business.
They can be any of the following:
The same business contacts from Workplace Project Tasks 2 and 3.
New business contacts with potential interests in your organization’s business opportunities.
Develop at least one strategy on how you will represent and promote each business opportunity to each target contact.
Identify at least two methods to improve business relationships with each of your business contacts.
Q.
This task will require you to participate in at least one formal and one informal networking opportunity to promote your business. To complete this task, you must:
- Identify two networking opportunities where you can participate to promote your business/organization. o At least one must be a formal networking opportunity o At least one must be an informal networking opportunity
- Communicate with at least one business contact from each opportunity with whom you can build a business relationship.
- Provide evidence of how you promoted your business/organization in each networking opportunity participated in.
Submit the following evidence in your answer space:
- Evidence of participation in both formal and informal networking opportunities, including:
o Your photos were taken at the event
You can submit screenshots from the event if this was conducted online, e. webinars, and online conferences.
- o Email correspondence Meeting minutes o Links/screenshots to discussion boards or chat groups on social media, e. Facebook or LinkedIn
- Evidence of business promotion in each networking opportunity participated in.
Q.
This task will require you to communicate issues and seek advice on the quality of your relationship with your business contacts to relevant organizational personnel. You will be required to communicate through verbal and written means. To complete this task, you must:
- Identify at least two of your business contacts whom you are having issues with.
Issues refer to those challenges you may have with them in terms of maintaining the business relationship.
- Identify the relevant organizational personnel with whom you will communicate your issues.
Relevant personnel must be someone with knowledge of your issues with business relationships, such as your supervisor or the relevant head of the department.
b. Enhanced social interactions, mental health, and physical well-being, as well as a high level of living. Reduce your risks by managing your health.
Q.
Bounce Fitness is a premiere fitness center with its head office located in Cairns. Besides offering fitness services, they also sell products such as pre-workout powders, protein powders, and glutamine tablets and powders. These are supplied by supplement manufacturers. List two strategies that Bounce Fitness can use to establish relationships with its suppliers. In your own words, briefly explain how each strategy will establish Bounce Fitness’s relationship with its suppliers.
Strategies to Establish Relationships with Suppliers a. Communication.
b. Address Systematic Risk
How the Strategy Establishes Bounce Fitness’s Relationship with Suppliers
a. As opposed to being a client, they will view you as a partner. They'll be able to see how their contributions fit into your larger plan and how they may aid your business in achieving its goals. Both your and their company will profit from that.
b. Together with your suppliers, determine any potential hazards in your business partnership and the best ways to handle them before they become a hindrance.
Q.
Identify two types of individuals, other than organizations, that can have business relations with Bounce Fitness. In your own words, briefly explain how each type of individual is relevant to Bounce Fitness.
Types of Individuals’ Relevance to Bounce Fitness a. Clients Individuals who benefit from the services and goods that BF supplies, form the basis of BF's income, and have ongoing professional relationships.
b. Self-Employed Workers Personal Trainers are authorized to conduct business with BF by introducing clients and using premises to train their students while paying a subscription for the utilization of space.
Q.
Identify two principles and two techniques used for closing the deal in negotiations.
Principles for Closing the Deal in Negotiations
a. Between every negotiation, pause for a moment. Take a break after a negotiation whenever you can to let feelings like pride subside, so they won't linger and affect the outcome of your next negotiation.
b. Try to have a humble attitude. It is advised that we work to cultivate a more modest mindset following the victory by asking ourselves what we would do differently in the next negotiation. This is because pride from one negotiation might have unintended implications for our next one. Techniques for Closing the Deal in Negotiations
a. The nibble strategy is utilized when a negotiator makes minor "increments" of their demands. When your adversary is about to seal the deal, you add one more tidbit, Be direct, firm, and persistent.
b.
Q.
Access and review Bounce Fitness’s policy and procedures for customer relationship management through the link below. Customer Relationship Management Policy and Procedures bouncefitness.precisiongroup.com/policies-and-procedures/customer-relationshipmanagement/
Username: spencercollegelearner Password: spencer@
Answer the following questions.
a. In your own words, briefly explain the purpose of the policy.
The purpose of the policy is bounce fitness is regarded as a valued customer anyone who interacts or communicates with and believes that all of the client's wants are unique and acceptable.
b. Based on the policy statement, identify three practices that Bounce Fitness uses when interacting with customers.
Always smile, be polite, and be sociable.
Provide guidance and help.
Inquire about whether their requirements are being addressed or if they require additional help.
c. In your own words, summarise the procedures for establishing relationships with customers.
a. Identify two activities in which Customer Surveys are used as a resource.
i. Comments and feedback on the service provided to them.
ii. Provide high-quality service to meet specific client requirements.
b. Identify the objective for completing an overview of complaints from all services.
Increase ten percent customer satisfaction through human resource policies that foster a happy environment, to deliver high-quality service to fulfill the needs of each indict let clients know about new services and goods to conduct frequent surveys to level feedback to enhance services.
Q.
Access and review Bounce Fitness’s Business Plan for Knowledge Management through the link below. Bounce Business Plan bouncefitness.precisiongroup.com/infrastructure/business-strategy-and-planning-documents/ Username: spencercollegelearner Password: spencer@
Answer the following questions.
a. In your own words, briefly explain how Bounce IT allows Bounce Fitness to track client membership activity.
Bounce IT uses structured progress reporting. It's a simple and effective way for clients to assess their progress and help them stay focused on their goals. Track your progress by measuring your body before starting your training session. Reaching out to a client between workouts can have a powerful impact. This could be a simple phone call or text message to get in touch and see how they are doing according to possible apps and software platforms.
b. Identify two tasks for employees in using Bounce IT.
i. Maintaining proper conversations with clients regarding their fitness progress.
ii. Specific attention, and focus on concerned clients.
Q.
Below are two types of business relationships. Identify a method for obtaining feedback on each type of business relationship.
Type of Business Relationship Feedback Method a. Supplier relations 1. Determine your target audience and understand your business. 2. Identify the core elements of a successful supplier relationship.
b. Customer relations 1. Create favorable client surveys. 2. Exploratory client consultation.
Q.
Identify two strategies that Bounce Fitness can use to maintain relationships with its suppliers. In your own words, briefly explain how each strategy maintains Bounce Fitness’s relationship with its suppliers.
Strategies to Maintain Relationships with Suppliers a. Understanding supplier requirements. b. Keep legitimate conversation.
How the Strategy Maintains Bounce Fitness’s Relationship with Suppliers a. Make it easier for them by respecting the way they work and following their processes and timelines. Track shipments including insurance cards, business information, order numbers, and more. b. Opportunities for one and the other sides to cater assessment on the positions that are favorable or challenging can arouse them to arrive up with ingenious ways to further strengthen the communication.
Q.
Bounce Fitness primarily caters to people from corporate offices in the Central Business District. List two strategies Bounce Fitness can use to establish customer relationships. In your own words, briefly explain how each strategy will establish Bounce Fitness’s relationship with its customers.
Strategies to Establish Relationships with Customers
a. Leverage telecommunications to constitute member correlation. b. Hold associate gratitude drill and build associate affair
How the Strategy Establishes Bounce Fitness’s Relationship With Customers
a. Invest in omnichannel client reservations. An omnichannel engagement approach benefits fitness associations and builds consistent involvement beyond consumer channels.
b. Understand the contrast between client service and client retention. Brands should contemplate how the public examines the brand holistically apart from the helpdesk.
Q.
Identify two networks relevant to Bounce Fitness. You may search online for networks relevant to this type of organization. In your own words, briefly explain each network’s relevance to Bounce Fitness as a business. Networks are structured groups of organizations working together to expand their circles and increase awareness of news and trends in a specific industry.
Network Relevance to Bounce Fitness a. Australian Fitness Industry Network Offer magazines, ENews, online plan, videos, commerce templates, notice platform, and allowance.
b. World of Fitness Market and preserve equipment, manage to acquainted with the current course, machinery, and computerized health examination.
Q.
Identify two organizations relevant to Bounce Fitness. You may search online for organizations relevant to this type of organization. In your own words, briefly explain each organization’s relevance to Bounce Fitness as a business. Organizations are businesses that function in the same industry, such as competitors.
Organization Relevance to Bounce Fitness a. Pro Body Personal Training Specializing in personal training at home. Their goal in creating Focus Integrated Fitness was to bridge the gap between the work of professionals and the skills and knowledge of qualified exercise professionals.
b. Axiom Fitness Inc. The aim is to convey or create emotions in the client or customer that make them feel good at the moment and even fitter eventually.
Q.
Identify two agencies relevant to Bounce Fitness. You may search online for agencies relevant to this type of organization.
In your own words, briefly explain each agency’s relevance to Bounce Fitness as a business. Agencies are organisations that provide services to all organisations under a specific industry. Agencies typically work on behalf of another group, business, or person.
Agency Relevance to Bounce Fitness a. 5th Element Wellness Build firmness along with train effectively, develop posture along with mobility, cut down stress along with enhancing mental fitness.
b. Life Hub - Group Fitness & Personal Training Target on building feasible habits and developing abilities. Step-by-step steps are constructed to establish development.
Bsbtwk 401
Course: Business Finance (BANK 2007)
University: University of South Australia
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