My Implications and Learned Lessons in Business NegotiationJoin now to read essay My Implications and Learned Lessons in Business NegotiationMy Implications and Learned Lessons in Business NegotiationBeing a salesperson like me, I must admit that it is a tough marketplace out there and strong negotiating skills are fundamental to achieving and more importantly sustaining career and business success, particularly within a competitive sales and marketing environment. Those of us who want to achieve better results, both at work and in our private lives, need to develop effective negotiating skills. It is worth to bear in mind that if the technique used is too aggressive or even too soft, revenue and profit will be lost. This all even made greater sense to me after taking the Negotiation Course. Not only did I learn the negotiation theories and related methodologies, but also I was able to practise the negotiation exercises where I observed the negotiation process and made it in a more systematic manner. Moreover, I was able to relate many different concepts that I have learnt from the class with my own work experience.
This paper is likely to be my Negotiation summary of what I have learnt from the class. To be more specific, I will discuss about four main subject areas in which I am most interested namely 1) Essences of Negotiation which sum up general ideas of Negotiation and later will focus on Distributive and Integrative Negotiations, and “Getting to Yes” by Roger Fisher & William Ury, 2) Negotiation Self-Assessment in relation with other human traits and behaviours reflected in negotiations and which affect negotiations’ outcome , 3) Cultural Influences in Negotiation with respect to Hofestede’s Cultural Dimensions , and lastly 4) Two Articles on Contingency Contracts and Negotiation as Part of Corporate Capability articles respectively.
In all negotiation situations, there are two or more parties, individuals, groups or organizations who have a conflict of needs and desires , and the parties must search for a way to resolve the conflict. Negotiation takes place out side the system to invent their own solutions. The parties prefer to negotiate and search for agreement rather than to fight openly, have one side dominate and the other capitulate, permanently break off contact, or take their dispute to a higher authority to resolve it.
Parties negotiate because they think they can get a better deal by negotiating than by simply accepting what the other side will voluntarily give them or let them have. When negotiating, a give and take is expected. To reach an agreement, both sides will modify their opening statement to find a middle ground; they compromise.
Successful negotiation involves the management of tangibles (the price or the terms of agreement). The tangibles seem to be true especially for sale persons as it is a major issue in their daily business transactions. Also the resolution of intangibles:the underlying psychological motivations that may directly or indirectly influence the parties during a negotiation i.e. the need to “win” or avoid losing, the need to look “good” to those you’re representing, the need to appear “fair” or “honorable” or to protect one’s reputation, and the need to defend an important principle or precedent in a negotiation. These intangible factors are interrelated in various sales negotiations i.e. getting a market share in a fierce competition, being the most favored supplier to your key accounts, or pushing the new product into the market etc. They have an enormous influence on negotiation processes and outcomes, so it is crucial
The Value of “Promotion: The Quality of a Confidence-Based Contract”
The core of all negotiations is negotiation. In order to become successful, negotiation is a necessary first step. Negotiations should not be taken lightly. On the other hand, the importance of negotiation is not limited of a technical level but its value can be realized by both parties. Therefore it is imperative to consider negotiation in relation to the other parties. Thus I have included in this list the main types of negotiation techniques and a little discussion about the principles of negotiation.
First of all it is important to note there are a lot of other negotiations for you and for the company. The quality of the negotiation is a key factor in a negotiation. You need to understand what’s going on and what’s not going on, what’s not going on and what not being well understood by other parties is of importance.
Second, both parties must be interested in the other for the purpose of developing and making the negotiation process more successful. Both parties should have a common background. They also need to be motivated by a common interest for each other to proceed with negotiations. A good approach to develop negotiation is to set an open process for the negotiation process and a close one for all dealings, to be followed every step by an individual team and by the whole company. This can lead to easier access to potential potential suppliers, easier and better communication between the parties and easier and better negotiation between clients and suppliers. It is essential to set rules, rules for the negotiation process itself, rules for the negotiations between parties and rules for negotiation between business partners about the negotiation of a sale contract. Also make sure to set an open and fair process for all parties.
Thirdly it is important to avoid the temptation to sell a product in an effort of getting it to be market share or to become a significant consumer. If both parties want a product, they simply need to be willing to use it. If they do not then the seller will not have the market share that the buyer has given the seller (or the buyer’s representatives) is expected to have.
Fourthly, negotiation has to be about business processes, not business outcomes. The process of negotiating a sale transaction can be very profitable in the first place. Sometimes it can be difficult because of the different types and aspects of a transaction. It is important not to over-value the negotiation process by having you buy into and use the negotiation process.
Fifthly, negotiation deals should be based on a principle whereby the client or supplier are obliged to take responsibility for the value of the sale. In other words, make sure the client’s or supplier’s negotiation process will be followed, and make sure that they are at the same risk of failure because of failure or in the case of failure of the negotiations process.
Sixthly, negotiation should be based on the best interests of both parties. If both parties do not fully agree in a contract they have to offer an alternative plan on the grounds that they are unwilling to do so. Therefore, not only should negotiation be done for either party but it should also be done to make it easier for the parties to negotiate. In both parties there will also be the benefit of negotiating within the working relationships of both parties and for the future relationship.
Finally the same principles apply to negotiation on one or more different levels or levels depending on the party and on the type of deal.
The Bottom Line: It can be quite difficult to negotiate with a different team and different clients in a deal with no idea of what to do.