Negotiation

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noqhy10

Business Finance

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Please read the answers then write comments for each one of them,

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"I agree, coming prepared is so important, in my planning document I was willing to pay so much to purchase this plant, however, when I was preparing this document, I did not realize that seller was willing to sell at much lower cost than I expected, this made my negotiation more stressful and I did not follow my plan and had to adjust accordingly to the situation."


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Nash The negotiation was equally controlled. There were times when BioPharm (Jay) was in control and other times when Seltek (myself) was in control based on our points of interest and positions. We both new what we wanted and that came across at different points. Some critical factors for this negotiation was the plant, patent, employees and the price. For Seltek, closing the deal on a turnkey operation would have included critical factors however other purchase options were available. Coming to an agreement on the critical factors was important in making the deal for both BioPharm and Seltek and in the end we secured the sale based on this. In comparison to other negotiation exercises, this negotiation was different as a different type of bargaining style was needed. This required distributive negotiation as both BioPharm and Seltek claimed value for their company and we both had a BATNA. The terms and conditions were different considering this was a single sale opportunity without further contract obligations or sales. From this experience I learned that preparation is vital and having a planning document or critical information handy as a point of reference can serve as guidance and control throughout the process. I learned that the behavior of others can be based upon personal style and the situation or terms being negotiated. I also learned that bargaining is based on claiming value which was important in this situation and accurately identifying a problem can help resolve conflict in the negotiation process. In the future I would like to approach each negotiation based on the context of the situation and my company expectations. Gronka In this negotiation, I was selling the Seltek building and Farid was an interested buyer. For the most part the negotiation was very controlled and we went back and forth with pricing till we came to an agreement. In our negotiation, we started discussing if there was interest in the patent prior to any numbers given out for the building. The critical factors that affected our negotiation were the building, the patent and my workers. All three were more factors on my side then his because I needed to sell the building asap, I did not want the patent anymore and had to do something with the employees. Another factor that affected our negotiation was that he knew the property across the street sold for $500k so made it hard to increase the asking price. We came to an agreement of $12.5 million for the building, no patent and half the employees. Preparing for this negotiation just like the last one made me more confident going into it. I still feel I need to be a little stronger in the persuasion. If I was firmer about reasons why he should have bought the patent, maybe we could have made an additional deal. In the future, going to continue to plan and I would do more research (if needed) on any additional products that I am trying to sell. Trovato • Who controlled the negotiation and how did they do it? I tried to allow Gavin to come in first and explain his side so that I could counter. I tried not to reveal too much information. We both took equal control in explaining our wants and needs. • What were the critical factors that affected the negotiation situation and outcomes and what can you say about these factors in general? The critical factors that affected the negotiation were the price of the plant, the patent, and the workforce. My strategy was to bundle these and try and go for one price overall. • How did the negotiation context differ from other exercises, and what new factors did this context highlight? This negotiation was different from the other exercises because there were more factors to consider. • What did you learn about yourself from this experience? I learned from this experience that I should have a better starting point and that I should be willing to go first. I aimed my starting point way too low, but once Gavin came in at a much lower price I adjusted my plan. I need to prepare better because if I had gone first, I would have spent way more money than necessary. • What did you learn about the behavior of others? I learned that you if you are willing to sit back and listen, you can get a lot more information out of someone than if you talk the whole time. I let Gavin tell me the details of his situation, hoping it would help me with leverage in the price. • What did you learn about bargaining and conflict from this situation? I learned that it is important to give, but not to give too much. Gavin and I worked well together going back and forth to come to a final offer. There was a mutual respect and understanding. We each listened well. This is important in a negotiation. • What would you do the same or differently in the future, or how would you like to behave in order to perform more effectively? As I mentioned previously, I think it is important to prepare my offers better. I need to do better calculations of a starting point and an ending point. Doing this ensures that you are not giving away too much, or that you will walk away before you should.
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Negotiation Responses
Nash
Hi Nash, yours must have been a very successful negotiation because a successful
negotiation is one that is not predominated by other arty throughout. It was good you both had
your interests outright and clear. You also understood the critical factors that governed the
negotiation which was a plus for you in this case because Biopharm had options to which Seltek
was limited. A single sale means all the value must be collected at that single sale for either
participant because there is no further transaction after that. Since the two companies had a great
attachment t...


Anonymous
Just what I needed…Fantastic!

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