Develop a credit management plan for your company. Assume that the business has had no formal plan to this point and that you are creating all the processes required. Identify the key stages in the credit management process. Note: As this is large part of the assignment it is expected that you will provide a detailed answer. Strong answers will involve identifying the key stages in the credit management process (including developing a credit management policy through to the collection process and deciding when to assign responsibility for collections and enforcement to third parties). You may choose a particular business or industry example to relate your answer to but you are not required to. (50 marks) 2. Explain the importance of good communication skills in credit management roles. Provide an outline of sound approaches to various methods of communication (1.e. telephone, letter. email, face-to face, remote conferencing). (Hint: Consider what actions you should take to ensure your communication is successful in achieving your goal of credit collection. This involves preparation and firmness, combined with understanding. Ensure you cover these aspects thoroughly.) (20 marks) 3. Explain the balancing act that is the responsibility of the credit manager and credit management department. What does it mean to say competitive markets push businesses towards marginal business? Provide examples. (Hint: Sales are important to any business whether they sell goods or services. However, sales that result in non-payment are a cost to a business. You might also consider this issue in terms of low-margin businesses. Businesses need to be aware of how their competition is and what offers and terms that competition extends to customers.)