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Business Administration Assignment Solved - Doc

   

Added on  2020-10-23

10 Pages4036 Words195 Views
BUSINESS ADMINISTRATION7

Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................31.1 Describe the requirements of a negotiation strategy.......................................................................31.2 Explain the use of different negotiation techniques...................................................................31.3 Explain how research on the other party can be used in negotiations.......................................41.4 Explain how cultural differences might affect negotiations......................................................4TASK 2 ................................................................................................................................................52.1 Identify the purpose, scope and objectives of the negotiation...................................................52.2 Explain the scope of their own authority for negotiating..........................................................52.3 Prepare a negotiating strategy....................................................................................................52.4 Prepare fall-back stances and compromises that align with the negotiating strategy and priorities...........................................................................................................................................62.5 Assess the likely objectives and negotiation stances of the other party.....................................62.6 Research the strengths and weaknesses of the other party........................................................7TASK 3.................................................................................................................................................73.1 Carrying out negotiations within responsibility limits in a way that optimises opportunities. .73.2 Conducting negotiation in accordance with changing circumstances.......................................83.3 Maintaining records of negotiations, outcomes and agreements...............................................83.4 Organisational policies and procedures, and legal and ethical requirements when carrying outbusiness negotiations.......................................................................................................................8CONCLUSION....................................................................................................................................9REFERENCES...................................................................................................................................10

INTRODUCTIONNegotiation is a method, which is used for settling the differences by people. It is a methodof agreements and compromise which help in avoiding the arguments and disputes between people.This report will explain about requirements of negotiation and it's techniques, it also explain thathow study of other party is helpful in negotiation. A discussion will take place on the way by which,negotiation will get affected by cultural difference, along with it's purpose, scopes and objectives. Anegotiation strategy will get designed along with fall back stance and compromise. This also assesthe likely objectives and negotiation stances of other parties, along with their strengths andweaknesses (Abrahamsen, Henneberg and Naudé, 2012) . A discussion will also take place on theways that can optimises the opportunities along with policies and procedures and legal and ethicalrequirements while conducting a negotiation.TASK 11.1 Describe the requirements of a negotiation strategy.Negotiation is a process, which make the included parties satisfied on a specific term, inother words, it leads an agreement between the people coming in a transaction, so that they canavoid the arguments. In business, negotiation is very much important, as the entrepreneur must havethe skill of negotiation in informal as well as in formal conditions like, sale, lease, service delivery,and other legal contracts. Negotiation help two or more different parties to get settle on somecompromise over a service or product, which is being profitable for every one. Good negotiationhelp an entrepreneur to make good relations with the stakeholders, this will lead them in makinglong term sustainability of business in market (Ashurst, Cragg and Herring, 2012) . This also helpbusiness persons, in avoiding the problems that their business can face in future. Negotiation helpparties in making long term and quality solutions, this process help parties in ignoring the shortterm solutions, and also those solutions where either one of the parties is not satisfied (NegotiationStrategy, 2019) . This help parties to come at a situation known as win – win situation, where everyparty involved in deal get some thing and no one think that, the decision is wrong.1.2 Explain the use of different negotiation techniques.There are different negotiation techniques which can be use by individuals for enhancingtheir negotiation skills. Use f some negotiation techniques are as follow :-1.Prepare, prepare, prepare – This is technique can be used by a person for making them selfprepare before going for a negotiation. It says that, going in negotiation without preparationcan make an individual loss (Banerjee, 2012) . Therefore, it is very much needed for an

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