Reference no: EM133319451

Assignment:

Question asked by Prof David Tooke for Centennial college MKTG 755 Negotiation.

1) After 25 years of ownership, the Bannerman family is selling their Toronto area automotive dealership, Bannerman Toyota to the Prime Auto Group. As part of the sale, the Bannerman family insists that the family name remain on the dealership. John Bannerman is running for federal political office and wants the profile provided by the dealership. Prime Auto Group wants to change the name to one of their own choosing. If you were Bannerman, what type of negotiation would you expect? How would you present your case for the Bannerman family?

2) Define BATNA. How does it help a negotiator? Provide a specific example of how you believe it may be applied in professional selling.

3) WalMart, the world's largest retailer, sold $514.4 billion worth of goods in 2019. With its single-minded focus on "EDLP" (everyday low prices) and the power to make or break; suppliers, a supplier partnership with Walmart is either the Holy Grail or the kiss of death, depending on one's perspective. There are numerous media accounts of the corporate monolith riding its suppliers into the ground. But what about those who manage to survive, and thrive, while dealing with the classic hardball price negotiator? If you worked for the household goods giant, Proctor and Gamble, how would counter a powerful negotiating partner, like Wal-Mart? What factors would P & G need to take into consideration?

4) In negotiations, we, generally, try to either claim or create value. In your view, how does each type of value benefit and create an advantage for a negotiator? Provide a specific example for each to stengthen your argument.

5) Planning, preparing and executing the right strategy is the most critical part of a negotiation. Read the below mini case study:

Business partners Joseph Luso and Brian Crozier created UseMyBank, a Toronto-based financial services provider catering specifically to internet users and e-merchants. They appeared on "Dragons' Den". This is a highly rated Canadian television show, that allows entrepreneurs the opportunity to "pitch" their ideas to wealthy investors. Luso and Crozier were hoping to obtain $1 million in exchange for a 5% share of their business. The "Dragons", though, offered $1 million for a 40% share.

Imagine that you are the owners of the internet banking service company. Describe, in detail, your strategy, through the course of the negotiation.

6) This semester, you read and learned about the stages of negotiation. In your opinion, how, why and in what ways might the interaction between the parties change over time? Provide a clear rationale for your argument.

7) Prior to a negotiation, the personalities of our negotiation "partners" cannot always be predicted. We may have to work with "difficult" people. Preparation and management of the conversation is key. List the elements of preparation and describe, overall, how they would help in progressing toward a successful negotiation.