Reference no: EM132921479

Part A - Case Study You work for a business consulting firm called ACP as a "Business Development Manager". Your responsibilities include growing your client's base. A potential client is eager to hire your firm for a major project. The project is planned to run for two years. After analysing the project and its requirements, your estimates indicate a total cost of $350K with estimated revenues of $580K.

Some of the requirements to work on the project are to provide:

• evidence that your firm is financially stable. the client requested financial statements, such as a balance sheet and a current bank statement;

• contact details of clients that you provided with similar services previously;

• special licenses and qualifications of your firm's consultants.

Part B: Case Study

The stakeholders approved your request for funds which you submitted in Part A above. You submitted your organisation's proposal to the client. Knowing that there are very few other consulting firms that can provide quality work similar to ACP you raised the price to the client to $610K.

After carefully analysing your proposal, the client contacted you with a request to lower the price to $545K. You ask for more time to re-evaluate your proposal. However, the client requested that you meet to negotiate the price as they need to start the project soon.

Please provide detailed answers to the following questions:

1. What type of negotiation would you use? Why?

2. Who are the stakeholders that you would consult with while preparing for negotiations?

3. To decide on your appropriate negotiation strategy, you need to prepare for negotiations by gathering information and understanding your client. What information would you have to define?

4. What are AP&C's:

a. most desired outcome in terms of price
b. least desired agreement in terms of price?

5. What are the client's:

a. most desired outcome in terms of price
b. least desired agreement in terms of price?
6. How would you build and maintain a good relationship with the client?

7. Based on the information provided in the scenario, what potential issues do you expect to deal with? List three and explain why you think these are potential issues.

8. How would you deal with cultural differences?

Part C

1. Conduct a meeting with the client. For running negotiation meeting.
2. How would you document the agreement?