Reference no: EM131672006

Assignment

PURPOSE

To demonstrate the best way to handle a negotiation and also how to ensure that all parties in-volved leaving the negotiation with a win.

INTRODUCTION

In any organizational setup, there is a need to have a negotiating team in place. The team should be furnished with excellent negotiation skills to ensure that the organization benefits and wins the hearts of the contractors by making sure that the negotiation process benefits both sides. To ensure that the negotiation team is effective or the parties used for negotiation are ready to reach a desirable agreement, there are negotiation techniques that ought to be employed with the intention of making sure that both parties reach an agreement. A good agreement ensures that not only one party benefits but all parties involved get to leave the negotiation table with something valuable.

RECOMMENDATIONS

In any negotiation, there are primary factors that the negotiating partners or teams must factor if they want to reach a reasonable and agreeable decision.

I. Listening and understanding the other party

a. While negotiating, it is wise to listen to the negotiating partner. Doing makes the partner feel as worth partner in the whole negotiation process.

II. Being prepared

a. One should be prepared for anything. A negotiation is unpredictable, and some-times there is no time to think about the response to give. Therefore, one should be prepared to handle any challenge.

III. Keeping negotiations courteous and respectful

a. A contract negotiation is a formal affair, and therefore professionalism should be at its best.

b. Being respectful and professional demonstrates a high level of maturity to the ne-gotiating partners, and that might boost the level of the partner's trust.

c. Professionalism also ensures that time is saved on unnecessary disputes or con-flicts.

IV. Understanding the dynamics of the deal

a. It is always wise for a person to enter into a negotiation with all information about the deal.
b. Lacking the knowledge of the deal might lead to the negotiation partner taking advantage and making a deal that only benefits him or her.

V. Having a first version of agreement drafted

a. Before entering into a negotiation table, one should have an agreement drafted.
b. The drafted agreement can however only be used if the terms of negotiation do not change along the way.

VI. Being ready to stand the ground

a. In some cases, one must be ready to stand strong in his or her decision. A deal is not of help if it only favors the other side and therefore there is no need to agree to it.

b. Walking away when the partner fails to meet the requirements might lead to the partner compromising his or her position to reach an agreement.

c. Holding firm to a decision demonstrates how one is not ready to lose and that af-fects the decision of the partner.

VII. Avoid "Always conceding"

a. A negotiation is a process where all parties should benefit.
b. Always conceding is a sign of weakness.
c. An opportunistic partner will always take advantage of a partner who always con-cedes.

HOW THE IDEA WILL ENSURE A WIN-WIN NEGOTIATION

I. Compromising the initial decisions or positions.
II. Considering the interest of the other partner.