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Business Administration 7 INTRODUCTION 1 MAIN BODY1 1.1 Requirements of a negotiation strategy

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BUSINESS ADMINISTRATION 7 Negotiation 1 MAIN BODY1 1.1 Requirements of a negotiation strategy1 1.2 Use of different negotiation techniques 2 1.3 Research on the other party can be used in negotiations2 1.4 Cultural differences might affect negotiations 3 2.1 Purpose, scope and objectives of the negotiation 3 2.2 Scope of their own authority for negotiating 1.33 2.3 Negotiating strategy 4 2.4 Fall-back stances and compromises that align with the negotiating strategy and priorities4 2.5 Objectives and negotiation stances of other party 5 2.6

Business Administration 7 INTRODUCTION 1 MAIN BODY1 1.1 Requirements of a negotiation strategy

   Added on 2021-01-02

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BUSINESSADMINISTRATION 7
Business Administration 7 INTRODUCTION 1 MAIN BODY1 1.1 Requirements of a negotiation strategy_1
Table of ContentsINTRODUCTION ..........................................................................................................................1MAIN BODY ..................................................................................................................................11.1 Requirements of a negotiation strategy.................................................................................11.2 Use of different negotiation techniques................................................................................21.3 Research on the other party can be used in negotiations......................................................21.4 Cultural differences might affect negotiations......................................................................32.1 Purpose, scope and objectives of the negotiation..................................................................32.2 Scope of their own authority for negotiating........................................................................32.3 Negotiating strategy..............................................................................................................42.4 Fall-back stances and compromises that align with the negotiating strategy and priorities.42.5 Objectives and negotiation stances of other party.................................................................52.6 Strengths and weaknesses of the other party.........................................................................53.1 Negotiations within responsibility limits in a way that optimises opportunities..................63.2 Conduct of the negotiation in accordance with changing circumstances..............................63.3 Accurate records of negotiations, outcomes and agreements made......................................73.4 Organisational policies and procedures, and legal and ethical requirements when carryingout business negotiations.............................................................................................................7CONCLUSION ...............................................................................................................................8REFERENCES................................................................................................................................9
Business Administration 7 INTRODUCTION 1 MAIN BODY1 1.1 Requirements of a negotiation strategy_2
INTRODUCTION Business administration considers as necessary part of management and it helps inmanaging an economic activity in order to gain the profits. It consists managing businessoperations, decision making, people and also some other resources for achieving the specificobjectives or goals. This present report is based on negotiation in business environment.Negation is process where two or more than two parties with various goals consult problems tofind acceptable solution (Kutvonen, Norta and Ruohomaa, 2012). There will be discussion aboutthe procedures, policies, ethical and legal requirements at the time of carrying businessnegotiations. Under this mention report will be discuss about cultural differences which affectthe negotiations. Conduct negotiation in accordance with the changing circumstances will bediscussed here. MAIN BODY 1.1 Requirements of a negotiation strategyNegotiation refers to method through people can settle their differences. It is an effectiveprocess through which an agreement is reached while neglecting dispute and argument. It iscommunication procedure under which several parties make discussion about the issues andmake a common solutions. There are different kinds of negotiation strategies and their needs aremention below: Problem solving- Under this, both conflict parties are committing for analysing as wellas discussing the problems when they enter in to the long- term agreements.Compromising- This strategy of negotiation seeks towards some of the fair balancewhere two parties are appear for getting equitable deal (Lewis and et. al., 2017). In this, both theparties are forgoing to their ideal outcomes, settle them so that it can satisfactory to the everyparticipant.Competing- It treat process as competition that can be lost or won. In this strategy,people which use this type of approach think that they are more superior. They can use anynegotiation tactics consisting deceptive ones. Yielding- This strategy is not to be negotiate. There is conceding point that is notnecessary for one but also essential to the other party. 1
Business Administration 7 INTRODUCTION 1 MAIN BODY1 1.1 Requirements of a negotiation strategy_3
These all are the different strategies of negotiation and their main aim is to resolve anyissues by developing a better solutions and also create healthy relationship among both parties. 1.2 Use of different negotiation techniquesNegotiation refers to style of consulting things between people in effort in order to comeat conclusion for satisfying all parties are involved (Lowe, Purchase and Ellis, 2012). It isnecessary in formal and informal daily transactions like for an instance negotiation situations ofsale, service delivery, lease and some of the other legal contracts. There are different techniquesof negotiation mention below as above:To be better Listener- It is necessary that negotiators should be good listeners which canlisten to other with patiently and do not interrupt. Under this, it is essential to listen the proposalof other party because it can come up with any uniqueness and also give better solution. It ishelpful in set up the negotiation in better manner. Deal with problems- In this technique, it is essential to listen the problem of each personwith specific reason. Instead of neglect issues, understand problems of every person and alsodeal with their issues by providing them better solutions (Weiss, 2014). Don’t be in hurry to close deal- Under this, both parties should take time for discussingthings between themselves. It should be assure that decisions need to be win win situation forboth parties so that they can not face any other issues. 1.3 Research on the other party can be used in negotiationsIn negotiation, there are two parties involved and arguing on the common issue. There isa need to give them a common solution that can be beneficial for both parties. If there is oneparty conduct investigation on another then, it will know about the time of issue, place, subjectand the main reason behind arising issue with proper evidence (Mani, Barua and Whinston,2012). If one party conduct research on other then it should proof guilty to other party withproper evidence. From this, one party can get benefited of this. On the other hand, one ofnecessary negotiation aspect is to present case in clear manner and also provide the supportingarguments as well as facts that can refuse arguments of other party. It will help in provide thebenefits to party that conduct an investigation on the other and also will provide positiveoutcomes in a better and effective manner. 2
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