Assessment 1
Networking in every business is very important for many different reasons but the most important among all is to market the product that is to offer to the customer, it does not matter how good the product is unless and until the desired customer for the product is being made aware of it and the strategies which were used in it to fulfill the need of broadcasting the product are as circulation lists, bulletin boards, face to face communication, virtual communication, and mailing list. Etc. The purpose is of selecting and joining strategic network marketing, any network marketing is having three basic components in it which are as purpose, target, and last is plan. First is purpose – it provides the reason why one wants it the reason behind strategic networking what is there to accomplish Target – the desired reason which fulfills the purpose comes second and after solving the target it comes to pain. Plan – the plan is based on the purpose and target so that the major objective will be achieved concerning the growth of the organization (Connelly, et al., 2020).
These are some most common ways of strategic networking and all top three strategic networking are as follows:
1 casual networking – As the name already provided the idea is that it is a type of strategic networking that is held every month or at a specific time and all the important ideas are being discussed at the point.
2 online or social media networks – In today’s time it has been observed that social networking is one of the most liked forms of strategic networking because of the features that it offers.
3 strong contact networks – As in comparison with causal networking, it is more frequent which means it occurs every week is an exchange of referrals for the business by the members is more frequent.
Types of networks and their key features have been explained below:
There are many types of strategic networks being used in business or any kind of organization to increase the customer base in every possible way some of the most famous ways of strategic networking are as follows:
1 Casual contact network – occurred every month better opportunity to understand and implement the work
2 social media networks – the vastest area of making a network and one of the fasted ways to reach many people at a very little effort.
3 strong contact network – the key feature of it is that it occurs more frequently and this suits best referral marketing campaigns (Drake, 2017).
Likely stakeholders and their profiles consisting of both internal and external have been mentioned below:
The different stakeholders which are involved in all sorts of strategic networking in the organization are such as private group and another network which has an influence on the objective of the firm in any manner. This includes the staff members and the people involved in organizing any kind of meeting place for face-to-face networking strategy. And the targeted audience in many cases for the service is going to be provided so that they can understand it in a much better way and also can their mind over the decision on the provided service (Kahle, et al., 2018).
Strategic values and likely benefits for company stakeholders are as follows:
The most common benefit that will go to happen of network marketing has increased the reach of the customer in a much better way including the other benefit such as the promotion of the product and presentation which act as an advertisement guide for the show.
Specific benefits and values for the organization are as follows:
The most basic benefits which an organization can have from strategic networking are as having certainty by having the analysis of data, having what-if scenarios, collaboration chances get raised by a significant amount which is a good and positive sign of networking, and lastly practice value chain.
The different types of a communication system which can be used for the contract are as follows:
Among all, the most common way of communicating system which is not just best but also efficient from every perspective and must be included to increase the efficiency and quality of the communication in strategic networking are as follows
1 E-mail – the fasted and most formal way of communicating it is being used for a very long time in the industry.
2 Meetings – meetings based on work-related issues and other stuff for a better understanding of the topic as every concern that may rise can be addressed on the spot.
3 Forum – this is the best way to fill with information so that anyone can understand quickly and act accordingly.
The common risk that could be involved in an organization or the adverse publicity is as follows:
Being in an organization there has been the involvement of different kinds of risk and the top among all of them has been discussed below:
1 Technology risk – It includes the failure of any medium or instrument which is responsible for establishing the requirement of work and that could lead to the failure of work and turn out to be a loss-making scenario for any organization.
2 Communication risk – One of the most common mistakes that could occur is communication to handle something on a large scale it became very difficult to manage the right information and wrong information may lead to the risk of communication which is not good for the business.
3 Operational risk – it involves failure of multiple systems such as defective IT system, human resource issues, or the biggest risk of financial which will lead to a negative result and the objective will become hard to accomplish.
Code of conduct or related information requirement are as follows written below:
The most basic code of conduct that has been included in the event of strategic networking is as making sure that no false information is being got viral and avoiding all sorts is communication and understanding having the in-depth knowledge of the work to make sure that the strategic event that has to occur results in a better way. These are some of the major important codes of conduct or the information around strategic networking.
Assessment 2
Part A
Reference document
Aim and objective
The purpose is of selecting and joining strategic network marketing, any network marketing is having three basic components in it which are as purpose, target, and last is plan.
First is purpose – it provides the reason why one wants it the reason behind strategic networking what is there to accomplish
Target – the desired reason which fulfills the purpose comes second and after solving the target it comes to pain.
Plan – the plan is based on the purpose and target so that the major objective will be achieved concerning the growth of the organization (Porter, & Woo, 2015).
Overview of the suggested and chosen network strategy
The chosen networking strategy among all is social networking as it is one of the best among all because of the features it provides and combining all make it much more suitable for getting in touch with people so that the purpose can be completed and the after that funneling the desired audience so that the implementation of the plan becomes much easier.
Strategic values
The strategic values which are involved are as follows
1 It will act as a source of new ideas that will lead to help in the role.
2 This will also go to serve as a better perspective on the subject and lead to more growth opportunities.
3 Knowledge exchange and challenges faced in it will lead to the overall growth.
Key stakeholders
both the stakeholders internal and external are having a direct impact are d related to the major objective consisting of the end customers to the staff and members included in production. The staff, employees, and volunteers are some of the most common examples of stakeholders.
stakeholders which are involved in all sorts of strategic networking in the organization are such as private group and another network which has an influence on the objective of the firm in any manner. This includes the staff members and the people involved in organizing any kind of meeting place for face-to-face networking strategy
Communication method and strategies
The benefit that will go to happen of network marketing has increased the reach of the customer in a much better way including the other benefit such as the promotion of the product and presentation which act as an advertisement guide for the show.
For better communication, different methods and strategies have been used communication in strategic networking is as follows E-mail – the fasted and most formal way of communicating is being used for a very long time in the industry. Meetings – meetings based on work-related issues and other stuff for a better understanding of the topic as every concern that may rise can be addressed on the spot. Forum – this is the best way to fill with information so that anyone can understand quickly and act accordingly (Milovanović, et al., 2016).
Legal and policy requirements
The legal policy is to make sure that the work will go to be as per the desired requirement and also required to make sure that no illegal or any sort of wrong activities from the staff or any stakeholders get involved in it.
code of conduct that has been included in the event of strategic networking is as making sure that no false information is being got viral and avoiding all sorts is communication and understanding having the in-depth knowledge of the work to make sure that the strategic event that has to occur results in a better way.
Part B
The code of conduct for strategic networking is as follows:
must use authentic data and no false communication gets viral to try to maintain the all policies and procedures which have been provided and don’t get carried away with things that have nothing to do with the main objective.
Roleplay
Operational manager: joined a group and had a friend there
Group member: the group is about strategic networking and specifically the top 3 among all of the other types which are social networking, strong contact, and casual contact network.
Operational manager: all right it sounds good as being involved in emerging different strategic networking will indeed provide a better growth opportunity to the business.
Group member: yes you are right at that one and after observing some different success stories of other companies it has been observed that using social networking among all is a much better way of increasing the customer base.
Operational manager: yes and to make sure that we have the maximum reach we must expand this little group to a big one by inviting others to join it so that we can achieve our objective fast.
Group member: yes that’s right to increase the reach we must expand and it will indeed going to help our business in multiple ways. We must do it as per advised.
Operational manager: the most basic things which we will be going to have after it is a better relationship with the people and the results will be such as consultation, negotiation, knowledge sharing among the different minds and work procedures which needed to be followed.
Group member: but misguidance could lead to a chaotic situation what about it
Operational manager: yes your point is valid and to make sure that nothing such things happens we will imply the policies which are necessary to make sure that the work goes on smoothly.
Group member: yes the conflict among the member was reasonable and you have taken it very well with a suitable approach and it is appreciable.
Operational manager: after getting in contact with such different minds it has been found out that there is much growth in the field and new different innovation are needed for a much more smooth functioning of the strategic marketing not only that but continuous improvement is very necessary for the growth of any organization to maintain the sustainability of it.
Group member: yes you are right again on this one, the different mutual opportunities which have been found are valuable to us and have provided the right path to move on (Acuto, et al., 2017).
Part C
Reflection paper based on the experience gained by the strategic network
This is a very good experience about knowing strategic networking it has provided a wide knowledge about the work and the things related to its which include how the marketing of a product plays a vital role in its success in making a good and authentic product that fulfils the need and requirement of the customer or client is one thing but demonstrating it in from of the desired audience so that they can know about it and can make their decision on it.
It involves the right kind of strategy and another related thin in strategic networking as social media networking has been suggested for most of the cases because of the reach it has and the fewer efforts which are required in it. Making it much better for the work.
Previous thoughts on relevance and efficacy of strategic network
After having in-depth knowledge on the subject, it has been found that the strategic network plays a vital role in the success of an organization in terms of growth as it is the best way of making the audience aware of the service and stuff that is being offered to them as without knowing about any good product how it goanna benefit that organization.
Changes in perception after changing the actual network
Always getting updated with time is one important thing nothing is permanent and making changes as per it is necessary and one must do it for the betterment of the firm and the overall growth.
References
Acute, M., Morissette, M., & Tsouros, A. (2017). City diplomacy: Towards more strategic networking? Learning with WHO healthy cities. Global Policy, 8(1), 14-22.
Connelly, S., Bryant, M., & Sharp, L. (2020). Creating legitimacy for citizen initiatives: Representation, identity and strategic networking. Planning Theory & Practice, 21(3), 392-409.
Drake, K. (2017). The power of networking. Nursing Management, 48(9), 56.
Kahle, J., Risch, K., Wanke, A., & Lang, D. J. (2018). Strategic networking for sustainability: Lessons learned from two case studies in higher education. Sustainability, 10(12), 4646.
Krželj-Čolović, Z., Vrdoljak Raguž, I., & Beran, I. M. (2016). Strategic networking in hospitality industry. In Neostrategic Management (pp. 27-43). Springer, Cham.
Miller, N. J., Besser, T. L., & Malshe, A. (2015). Small Business Strategic Networking: Impacts and Outcomes. In Marketing, Technology and Customer Commitment in the New Economy (pp. 47-48). Springer, Cham.
Milovanović, B. M., Primorac, D., & Kozina, G. (2016). TWO-DIMENSIONAL ANALYSIS OF THE INFLUENCE OF STRATEGIC NETWORKING ON ENTREPRENEURIAL ORIENTATION AND BUSINESS PERFORMANCE AMONG SMEs. Tehnicki vjesnik/Technical Gazette, 23(1).
Porter, C. M., & Woo, S. E. (2015). Untangling the networking phenomenon: A dynamic psychological perspective on how and why people network. Journal of Management, 41(5), 1477-1500.