Reference no: EM133219254

Assignment:

Hey guys, I just need your help. Here is a question:

(1) Identify one area of Negotiation and Conflict Management that we discussed in class or was discussed in your text in the past 5 weeks, and provide an example of how it is relevant to the business world or how it can be applied in your own personal life.

(2) What has been your favorite topic or exercise/assignment? Why?

(3) Is there anything that you did not understand that needs clarification?

(4) Is there a subject area that you would like the class to discuss that we have not discussed yet?

I decided to choose one of my posts; here is:

In our previous week, I sold my car to buyer. In that Negotiation, my partner and I used a collaborative negotiation which means Collaborative negotiation is a strategy where both the parties have a common goal in mind. They try to achieve their goal by creating more value from the deal so that both parties can get more and distribute it fairly. It is also known as integrative, interest-based, or problem-solving negotiation (Shivam Jasra; 2020). Negotiation can essentially be considered a 4-stage process. The 4-stages are 'Preparation to negotiate phase,' 'Opening Phase,' 'Bargaining Phase,' and 'Closure Phase'. The first stage consists of gathering information, understanding your counter-party, establishing a rapport, and knowing your objectives and planning.

The second stage is the 'opening phase' where both the parties meet each other and explain what they need from each other and try to make an impression on the other side and influence their thinking. The third stage, the 'bargaining stage,' consists of coming closer to the objective of the negotiation while convincing the other party of the appropriateness of your demands and making the other party concede to those demands. The fourth and last stage is the 'closure phase', where all the arguments made in the opening and bargaining phases are combined to seal an agreement.

I was a seller for an automobile that cost $9500. I had set the target price of the car to be $10500 and the base price to be $9850. I had decided that I would not entertain any negotiations beyond my base price. The buyer came to me and asked how much I had asked for my car. I showed him a car and started pitching for it highlighting its features, benefits, etc. The buyer asked for the price. He was ready to pay $9000 for the same. He started bargaining for the car as he had liked it quite much. I was stern that I would sell it for $10000. However, seeing his eagerness to buy a car, we contemplated collaborative negotiation tactics and arrived at a middle price of $9850. This became the settlement price for my product.

I was quite satisfied with the negotiation process as well as the agreement. This is because I could make a considerable profit over the lowest price, which I was willing to accept.