Write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas.
As a regional manager for ABC Manufacturing, your duties will include negotiating contracts with vendors to maintain production and transportation schedules. Because you just came on board, the chief operating officer (COO) has asked you to address the senior team leaders on the importance of contract negotiations in vendor selection. You begin the meeting by asking each leader to provide his or her understanding of what negotiating means, and the importance of negotiating in supply chain management. In addition, you ask the leaders to identify 3 key members of the contract negotiating team.
Describe the following:
- Part 1: What does negotiationmean in today’s business environment?
- Part 2: What role does contract negotiations play in the vendor selection process?
- Part 3: Identify the roles and responsibility of at least 3 key members of the contract negotiation team.
Each part is its own detailed and sited paragraph. Be sure to site all work.
Explanation & Answer
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Running Header: INTRODUCTION TO NEGOTIATIONS
Introduction to Negotiations
INTRODUCTION TO NEGOTIATIONS
Negotiations happen in everyday life, however, in business, negotiating is critical to one’s
prosperity. Poor negotiation can paralyze a business just as rapidly as losing valued customers.
Although most negotiating policies appear logic, it is not rare for individuals to get absorbed in
the heat of the moment and overlook their primary instincts. Luck, magic, and emotion hold no
position in a favourable negotiation (Gates, 2011). It entails street smarts, homework, and
unblinking discipline. In today’s busi...
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