(Solution) Business Administration- Assignment
Added on 2020-12-30
13 Pages3528 Words264 Views
BUSINESSADMINISTRATION
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11.1 The requirements of a negotiation strategy...........................................................................11.2 The 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 The purpose, scope and objectives of the negotiation...........................................................32.2 Explain the scope of their own authority for negotiating......................................................42.3 Prepare a negotiating strategy...............................................................................................42.4 Prepare fall-back stances and compromises that align with the negotiating strategy andpriorities......................................................................................................................................52.5 Assess the likely objectives and negotiation stances of the other party................................52.6 Research the strengths and weaknesses of the other party....................................................53.2 Adapt the conduct of the negotiation in accordance with changing circumstances.............63.3Maintain accurate records of negotiations, outcomes andagreements made.........................63.4 Adhere to organisational policies and procedures, and legal and ethical requirements when.....................................................................................................................................................7carrying out business negotiations..............................................................................................7CONCLUSION................................................................................................................................8REFERENCES ...............................................................................................................................9
INTRODUCTIONBusiness administration is a broad field that carry out many types of managementpositions. From better corporations to independent businesses, every operation needs skilledadministration in order to succeed. Negotiation is the strategic technique which is used to reducethe cultural, social & professional difference among the people.This report will be carried onMarks & Spencer which is the leading British multinational retailer headquartered in the city ofWestminster, London. This report will discuss about the requirements of the negotiating strategy,use of different negotiation techniques along with the cultural differences. Along with this, reportwill also put light on strength and weaknesses of the other party to be discussed, accurate recordsof negotiation outcomes and negotiations. This report will also focus on the negotiation strategiesalong with the scope of own authority in negotiating. Lastly, this report will also focus onpurpose, scope and objectives of the negotiation. MAIN BODY1.1 The requirements of a negotiation strategyA negotiation strategy is termed as pre-observed approach which is helpful to preparingthe plan of action to accomplish specific goal or objectives to find and make the statement orcontact on a negotiation with another party or parties. It describes any communication processbetween individuals that is conscious to reach a compromise agreement to the satisfaction ofboth parties. It is consist of examining the facts of a situation, exposing both the common andopposing interests of the parties involved and bargaining to resolve as many issues as possible.Negotiation strategies are important to business because it is helpful to create strategies andachieve to specific goals and objectives. There are requirements of negotiation strategy which areas follows:- Beneficial:- It is necessary to have benefits of negotiation process to reach for gettingthe clear and effective goals. Such purpose generally leads to the achievement of the desiredtargets or objectives. Creates win win situations:- In this situation every one walking for good deals and thereis no questing finding to deal. It makes happy to everyone in difficulty and it is highly valued. 1
Good negotiating can improve to bottom line:- Negotiation is used as a method that helpto reduce differences through communication. When employees communicate with theiremployer so it will help to improve bottom line. Negotiation skills build co-ordination: Such technique is helpful in bringing co-ordination among the parties to work or perform duties collaboratively. If parties are workingtogether, it will be possible for them to build co-ordination and effectiveness in their working.1.2 The use of different negotiation techniquesIn context with Marks & Spencer, there are different usage of different negotiation are asfollows: Share information: This is one of the necessary aspects of negotiation techniques.Sharing information would help the negotiators to provide the useful to discuss and also arrive atthe common & suitable conclusion. Clarification on misconception: Before the negotiation, it is required to clarifying andclear any misinformation and knowledge of the negotiator. This technique is useful to removeany kind of biases, unfair and misconception among the parties. Prepared for give up: This is the challenging and not easy task to give up on any kind ofinformation and discussions. It builds up the strong willing power and motivation for everyperson who engages themselves into the negotiations.Don't just focus on winning: The main use of this technique is to develop the ability gainand loose the discussion in order to build the confidence and motivation of the parties involves inthe negotiation. Anticipate compromise: Compromise is useful to gain the partial result over anydiscussion to build the trust and faith to other party. 1.3 Research on the other party can be used in negotiationsIn context with Marks & Spencer, other party is useful to interfere into the negotiationprocess with their appropriate knowledge and information. Other parties can be force to take partinto the discussion for arriving at the common and relevant conclusion in the shorter period oftime. Other party can provide the fully-fledged information over the topic of negotiations. It alsohelpful in getting the resolution and solution of the issue and problem related to the negotiationprocess. 2
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