Question No. 4 - MMPC-007 - Business communication - MBA and MBA (Banking & Finance)

Solutions to Assignments

                            MBA and MBA (Banking & Finance)

MMPC-007 - Business communication

MMPC-007/TMA/JULY/2022

Question No. 4                                
Elaborate on the need and importance of a business correspondence at workplace. 

Any communication in the form of the letter is correspondence. Any person related to a business expresses oneself though business correspondence. One can also ask any doubt or uncertainty through business correspondence.

A businessman writes and receives letters in his day to day life. A correspondence between two organizations or within an organization comes under this category. A letter to a supplier, complaint letters, letter of inquiry, job application letters are some of its examples.

Importance of Business Correspondence

A business correspondence has numbers of importance. Its most important feature is the ease of reaching and communicating with different parties. It is not always possible to meet persons face to face.

A business correspondence helps to meet some organizational goals. One can achieve the objectives through it. Let us study some of them in details.

1. Maintaining a Proper Relationship

It is not always possible for any business or organization to reach to any person in particular. This will cost any business. Here, the business correspondence will be a rescue for any business.

It helps in maintaining the proper relationships between the parties. Business correspondence strengthens the business. It also helps in the internal communication. It makes communication within the organization more clear and precise.

2. Serves as Evidence

Any written form of communication serves as evidence. A business correspondence helps the person in a business to keep a record of all the facts. These written records will serve as evidence.

3. Create and Maintain Goodwill

It helps in creating and maintaining goodwill between a business and a customer. Any letter to enquire, complaint, suggestion or feedbacks helps a company to grow and maintain goodwill.

4. Inexpensive and Convenient

It is a cheap and convenient form of business communication.

5. Formal Communication

A business communication serves as a formal communication between two persons. It may be a seller and a buyer.  It can be between an employee and the employer. The language used is formal and logical.

It helps in removing the ambiguity and the doubts of the person involved in the business. The formal communication in business is followed and acceptable.

6. Helps in the Expansion of Business

A business correspondence helps a business to achieve the set goal. It also ensures the expansion of a business. With no waste of time and proper utilization of manpower and resources, a business can expand.

Any information regarding some resources or any product or market can be easily done. Even the news of the expansion of business can be spread by it.

Correspondence is simply written communication from one person to another for various reasons: to report information, convey feelings, or ask questions. It can be verbal or written. The communication may include memos and emails. It can range from formal to informal. In all cases, it is a two-way exchange of information.

The goal of business correspondence is to communicate accurately and effectively. Therefore, it is important to select the most appropriate format for the message and its recipients. Business correspondents can include people or businesses. They may include individuals who are in a position to give or receive business information, such as a president, a vice president, a chief operating officer, and/or a business manager. Businesses are entities, such as a company, a subsidiary, or a joint venture. Businesses may include other groups of people who are in a position to receive or give business information. Such groups may include the human resources department, the finance department, the legal department, and/or the communications department. Finally, they may include businesses. They may include government organizations, non-profit organizations, political campaigns, advocacy groups, and/or social organizations.

Business correspondence can include memos and emails. Memos are typically short (two-page or less) documents that explain information or contain instructions. E-mails are short text documents that can be sent to one or more recipients. Both types of business correspondence contain similar information, such as the purpose, date, author, and recipient.

The format of business correspondence is one of the most important factors in determining its success. The right format will help get your message across and make it appear clear to the intended reader. You can use the information below to help you select the correct format for your message and its intended recipients.

If you are writing to a business person, there are many different ways to send a memo, the most common being to email the document.

In addition, you may use email to send messages to groups, including all the people in your organization. For example, you may email your organization’s president to introduce yourself.

There is also the e-mail address of the chief executive officer or CEO of a business. This may be different from the company’s mailing address and you will need to double-check. Many companies also have their Web sites and frequently post their chief executives' email addresses on their homepage or other areas of the site.

Business Correspondence (or Business Letters) is a form of written communication usually used in the workplace and sent and received as part of the job of a business professional. The form is mainly employed when there is an urgency for a reply to a particular letter or message. It is different from regular communication because it's done via a business-like medium. Business letters are usually written in the style of a formal document; however, they often need to be brief and well-organized. They are usually used in business, especially when communicating with or giving information to clients, vendors, contractors, other businesses, and/or other business people. Business letters are commonly used in the business world, in addition to the more common personal letters.

The letter and the business are often separated by the word 'Correspondence'. 'Business Correspondence' may mean anything from a sales letter or letter sent from one business person to another, to an employee's letter sent from a workplace back to a company, or a personal letter sent to a business.

Question No. 3 - MMPC-007 - Business communication - MBA and MBA (Banking & Finance)

Solutions to Assignments

                            MBA and MBA (Banking & Finance)

MMPC-007 - Business communication

MMPC-007/TMA/JULY/2022

Question No. 3                                   
List and explain various steps involved in the preparation of meetings. 

Question No. 2 - MMPC-007 - Business communication - MBA and MBA (Banking & Finance)

Solutions to Assignments

                            MBA and MBA (Banking & Finance)

MMPC-007 - Business communication

MMPC-007/TMA/JULY/2022

Question No. 2                                     
Discuss the benefits of effective communication at workplace.

Effective communication in the workplace is an integral part of an efficient and successful business. It ensures everyone understands their duties and responsibilities, helps build quality client and employee relationships and keeps employees engaged and productive. Business owners should prioritize effective communication in their organization if they want to ensure employee satisfaction and promote high performance.

Effective communication in the workplace is when the exchanging of information and ideas is done so in an efficient and effective manner. While information and ideas are frequently exchanged in a workplace setting, they aren't also sent and received in an accurate way. Good communication involves not just relaying information but being able to explain it in a way that ensures the recipient understands you.

Communication at work includes several different methods of transmitting and receiving information. The most common forms of communication in the workplace include:

• Written communication, such as memos and emails
• Oral communication, such as speaking to another person
• Nonverbal communication, such as nodding to show understanding
• Listening skills, including active listening

Additionally, an important component of workplace communication is that employees feel understood and heard by management. Employees who feel comfortable communication with their supervisors and managers are more likely to understand what's expected of them and remain productive throughout the day.

Benefits of effective workplace communication

There are several benefits that effective workplace communication provides an organization. These benefits include:

1. Mitigated conflict

Effective workplace communication can help reduce conflict or tension at work. Most conflicts arise due to ineffective communication tactics which lead to individuals misunderstanding what's being communicated. Misunderstandings can result in employees or other members of an organization feeling not understood, disrespected, disregarded or simply not performing in an expected manner.

For example, if one team member is told to make 25 calls a day and another member of the same team in the same position is told to make 50 calls a day, the employee with the most calls may feel taken advantage of. However, if the team leader holds a meeting to clarify how many calls are supposed to be made by each employee, all employees receive the same information and there is less of a chance for conflict or tension to arise.

2. Increased employee engagement

Effective communication does more than just ensure information is accurately received. It also works to connect others and keep open lines of communication between employees and other members of the organization. This ultimately works to create better engagement between employees, which can lead to increased employee satisfaction and healthier company culture.

Ways that communication improves employee engagement include that it:

• Helps management better understand the goals and needs of employees and what motivates them
• Ensures employees' skills and talents are recognized and utilized when possible
• Improves the connection between employees for a more enjoyable work environment
• Creates better relationships between employees and management as well as between management and C-level employees of the organization

3. Improved productivity

Employees who feel connected to their work and have a clear understanding of what's expected of them are more likely to be productive and perform efficiently. When employees don't understand their role or expectations in a position or have limited resources to perform their duties, they often feel confused or as if they aren't able to perform their job to the best of their ability. Ensuring information is readily available and communicated in an effective manner allows employees to accurately perform their duties and can increase productivity throughout the organization.

4. Improved client relations

Good communication in the workplace isn't just relevant to employees of the organization. Effective communication also directly affects client relations. Organizations that communicate well with their customers or clients are more likely to build solid relationships and retain clients versus companies that don't prioritize client communication. Customers look for companies that value their relationship and keep them up-to-date on changes and are more loyal when they feel connected to these companies.

5. Healthy workplace culture

Effective communication plays an important part in maintaining a healthy workplace culture. Many workplaces employ people of all different cultures, races and beliefs, and conflict will naturally arise when so many differences are present. A culture of open communication fosters a healthy and accepting environment where all employees feel equal and understood.

6. Improved direction for employees

Open communication in the workplace ensures employees understand their part in the company and have a clear direction in terms of what's expected of them. This empowers employees to take the appropriate steps needed to complete their duties and contribute to the organization as a whole.

7. Boosted employee job satisfaction

Employees who are part of an organization that practices good communication in the workplace are more likely to experience increased job satisfaction. A transparent and trustworthy environment supports employee satisfaction by creating a harmonious workplace that is enjoyable to work in and keeps employees engaged in their positions.

8. Increased innovation

Workplaces that encourage employees to communicate their opinions and ideas tend to foster more innovation than those that don't. Employees who feel empowered to speak up and think in different ways often contribute meaningful ideas and strategies that help not only the employees but the organization as a whole.

9. Strengthened team building

In order to work effectively together, team members must know they can trust the other members of their team. Communication is a major component of trust and ensures everyone is of the same understanding in terms of the expectations and duties of the team. Clear guidelines that are communicated effectively help team members know how to behave as part of the team and ultimately bring team members closer to each other for a more synchronized work effort.

10. Improved public impression

Companies that have a good reputation in terms of communicating both internally and with clients often have a strong and positive public impression. This helps attract talent to the company and can even increase interest from investors and banks.

Question No. 1 - MMPC-007 - Business communication - MBA and MBA (Banking & Finance)

Solutions to Assignments

                            MBA and MBA (Banking & Finance)

MMPC-007 - Business communication

MMPC-007/TMA/JULY/2022

Question No. 1                                  
Explain the two-way process of communication. Illustrate your answer with the help of examples. 

Communication is now viewed as a two-way process in later conceptualizations of the process. The receiver also serves as the sender of feedback to the transmitter to complete the communication cycle (sender). As in telemarketing or call centre communication, both the sender and the recipient play a reciprocal and reversible role. The two-way approach is more modern. It views communication as primarily a reciprocal process involving the exchange of messages. Because the sender (source) and receiver (receiver) are often the same individual, there is no clear separation between the two positions.

The sender is considered as the determiner of the message's meaning in the previous linear perspective. The two-way notion incorporates the receiver as an active participant in the message's development and interpretation. The message is how the recipient interprets it based on his or her own experiences, beliefs, and feelings. People who have worked together and formed common attitudes and perspectives with regard to the organisation they work in or the community they live in may have common interpretations of circumstances, ideas, strategies, and events. Transactional communication is another name for two-way communication. We will also study the transaction model in detail in unit 6. The flow of two-way communication is depicted in Figure

Two-way communication is a conversation between two people. Typically, both parties involved transfer information between one another. There are four main components of the two-way communication model. These include the:

• Sender
• Receiver
• Message
• Response

Effective communication between two people is when a sender and receiver deliver information over verbal or written communication, listen to each other, gather their thoughts and provide feedback or answers relating to the conversation. 

Systems involved with two-way communication

There are a variety of ways professionals can use two-way communication to create a conversation between colleagues or their clients. This includes both oral and written systems that allow for effective communication. Below are several systems that can be used to facilitate two-way communication:

• Phone: Professionals can use a mobile or office phone to communicate between two parties. A phone allows both parties to call each other, so they can communicate with each other remotely to provide project ideas, ask questions or provide feedback for an existing project.
• Video conference: More often, professionals are conducting calls using video networking software. Video conferencing is a diverse and customizable method of arranging meetings with coworkers and clients.
• Dispatch system: Professionals that communicate through software programs often use a dispatch system to deliver messages. For example, first responders use a dispatch system to receive incoming messages from a dispatcher.
• Instant messaging: This is a written form of two-way communication that's done over the internet through a Wi-Fi connection. It can allow professionals to answer questions quickly, provide product information or respond to company inquiries while at work
• In-person communication: This direct form of communication allows professionals to answer questions fast without having to type any written form of communication. Face-to-face communication allows others to read their body language and facial expressions, which can help to decipher when a person needs help or when they may not understand what the other person is saying.

Examples of two-way communication

There are many types of interactions that involve two-way communication among people. Each form of communication allows individuals to interact with each other efficiently and effectively. Here are four examples of two-way communication:

1. Conversing between two people

One type of two-way communication is a basic conversation between two parties. For example, this may include two colleagues discussing the plans they have to complete a project. Their conversation might involve planning goals and milestones, assigning tasks among team members or reviewing any risks that may arise while they're working on a project. After the initial conversation, employees may check in on each other throughout the project via a company-wide instant messaging system, in person or over the phone.

2. Giving advice

Professionals can benefit from two-way communication by providing others with advice, which may relate to a variety of topics. For example, a coach may take part in an in-person conversation with an athlete that's underperforming. Their advice may include expressing ways the athlete can improve while asking them for feedback or if they may require help while on the field.

3. Answering and asking questions

Another example of two-way communication may include a teacher asking their class questions regarding a recent book they read and expecting the class to answer accordingly. When the teacher asks a question, it can allow them to converse with their students, which can help them learn more effectively than if they were to provide one-way communication through a lecture. This allows students to follow up with an answer or ask the teacher clarifying questions.

4. Negotiating terms

Professionals can benefit from using two-way communication when they're negotiating the terms of a contract. For example, car sales associates can converse with their customers when they're trying to negotiate a deal that can help them make money. This process may start at the beginning of the sales process and run throughout final negotiations. By effectively communicating with a customer, a sales representative can use informative and persuasive language to get their customer to complete a purchase. This form of communication is typically over the phone or in person.

MMPC-007 - Business communication - MBA and MBA (Banking & Finance)

Solutions to Assignments

                            MBA and MBA (Banking & Finance)

MMPC-007 - Business communication

MMPC-007/TMA/JULY/2022

Note: Attempt all the questions and submit this assignment to the coordinator of your study centre. Last date of submission for July 2022 session is 31st October, 2022 and for January 2023 session is 30th April, 2023. 

Question No. 1                                     CLICK HERE

Explain the two-way process of communication. Illustrate your answer with the help of examples.            

Question No. 2                                      CLICK HERE

Discuss the benefits of effective communication at workplace. 

Question No. 3                                      CLICK HERE

List and explain various steps involved in the preparation of meetings. 

Question No. 4                                     CLICK HERE

Elaborate on the need and importance of a business correspondence at workplace. 

Question No. 5                                     CLICK HERE

Discuss the Hofstede’s cultural dimension model with respect to cross cultural communication.