Description
You are trying to sell your audio system (an amplifier and speakers) to raise money for an upcoming trip to overseas. The system works great, and audiophile friend tell you that if he were in the market for this kind of equipment (which he isn’t), he’d give you $500 for it. A few days later the first potential buyer comes to see the system. The buyer looks it over and asks a few questions about it. You assure the buyer that the system works well. When asked how much, you tell the buyer that you have already had an offer for $500. The buyer purchases the system for $550.
- Justify and explain your decision to lie about having the second offer, and what were the consequences of your decision to lie to the buyer.
Explanation & Answer
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Running Head: BUSINESS NEGOTIATIONS
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Marketing Plan
Student’s Name
Date
Instructor’s Name
Course Name
BUSINESS NEGOTIATIONS
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Introduction
Negotiation is the communication between parties whose aim is to come to a beneficial
outcome. At this point, issues conflict with one another for them to reach a resolution. This result
can either favor one party or not. The purpose of negotiation is to have a decision of differences
to enable a collective or an individual to cater for several interests. The level of trust that the
parties have against each other play a major role in determining the successfulness of the
negotiation. Many lies are told during negotiation to promote market price of the product. The
paper would give a justification and an explanation of the decision to lie about having the second
offer, and the consequences of this decision of lying to the buyer.
Significances of Business Negotiation
According to (Lewicki, Saunders, Minton, Roy & Lewicki, 2011), Negotiation is
important to both professional and healthy life relationships. The factors that should be
considered in having a successful negotiation are to have the appropriate mode of negotiation.
Having full information about the wants and needs of people and creating a mutual
understanding that enables the effectiveness of a business and a happy life. The main motive that
makes people negotiate in life is to have a way of surviving. Besides, negotiation can be more
effective ...