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Business Administration : Assignment (Solution)

   

Added on  2020-11-23

12 Pages4142 Words109 Views
BusinessAdministration7

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................31.1 Requirements of Negotiation Strategy..................................................................................31.2 Use of Different Negotiation Techniques.............................................................................41.3 Explaining how Research on Other Party can be Used.........................................................41.4 An Explanation of Affect of Cultural Differences on Negotiations ....................................5TASK2.............................................................................................................................................52.1 Purpose, Scope and Objective of Negotiation.......................................................................52.2 Scope of their own Authority for Negotiating..........................................................................62.3 Preparation of a Negotiation Strategy. .................................................................................62.4 Prepare Fall-Back Stances and Compromises that Align with the Negotiating Strategy andPriorities. ....................................................................................................................................72.5 Assessment of Objectives and Negotiation Stances of the Other Party................................72.6 Researching Strengths and Weaknesses of Other Party........................................................8TASK 3............................................................................................................................................93.1 Negotiations Within Responsibility Limits for Optimising Opportunities...........................93.2 Adapting the Conduct of Negotiation in accordance with Changing Circumstances...........93.3 Maintain Accurate Records of Negotiations, Outcomes and Agreements Made..................93.4 Policies and Procedures, Ethical and Legal Requirements for Carrying out BusinessNegotiations..............................................................................................................................10CONLCUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONBusiness Administration can be defined as the process of organising the businesspersonnel and resources to meet the business goals and objectives. The file will focus upon theNegotiation Strategies and these are a part of the course of Business Administration. NegotiationStrategies can be defined as the strategies or prepared plan of action to achieve a specific goal orobjective by making a contract or agreement in negotiation with two or more parties (What isNegotiation?,2019). The company in this Report is Richemont. The following assignment willprovide an understanding about the essentials of negotiation strategies, their uses, purposes andall the related information which an organisation which it will require during making negotiationagreements. Business Negotiation may include producing deals with suppliers, consumers, orpartner businesses. Further, it will provide how important is to maintain the records of theseagreements for an organisation (Albăstroiu, Felea and Vasiliu, 2014).MAIN BODY1.1 Requirements of Negotiation StrategySometimes there arises a condition for a company to make a negotiation contract whetherintentionally or unknowingly. So for making a negotiable contract, a negotiation strategy shouldbe developed by the company. And for making the strategy successful, there are somerequirements which Richemont must complete. These requirements are discussed as under:Politeness and Dignified: The foremost requirement of a negotiation strategy is that itmust be include politeness in its wordings. It will also be better more if both the partiesnegotiate for each other which would satisfy both of them (Bounfour and Edvinsson,2012). For example, the bargain in between the shopkeeper and buyer in which the buyerbargains for the product he wishes to buy and shopkeeper also sells the same in case hefeels that the buyer is loyal customer. Tactic: Tactics refers to the actions that each party in the negotiation contract makes inorder to achieve their goals. It is also an important requirement of the negotiation strategywhich says that Richemont must evaluate their actions whether they will be in the favourof the company or not. It must prepare their plan of actions and also make ensure thatthese actions will be in the favour of both the parties and the interest of none is putbeyond.

1.2 Use of Different Negotiation TechniquesThere are different types of negotiation techniques which are used by companies in orderto make resolution for an issue (Carpenter and Krause, 2012). The main motive of negotiation isfind the best solution in a manner that the resolution fits and satisfies everyone connected withthe agreement. Richemont uses different types of negotiation techniques to deal with otherparties.The Persuasion Tools Model:The Models was propounded by Kenneth Berrien. Itconnects the negotiation and persuasion to emotional intelligence. This Model will helpin finding the best negotiation approach which both the parties can make use of. This willbe based upon the level of intuition and influencing capabilities (Casciani, 2012). ThisModel can be used to develop the influencing and persuasion skills.Win-Win Tool: In this tool, the situation of both the parties are examined in order to findthe best resolution which is in favour and acceptable of both parties. In this tool, the issuediscussed is only one and it is important to formulate those strategies which are in thebest favour of other parties.Lewicki & Hiam Model: Different tools are applied in different situations. This toolprovides the right negotiation strategy for the situation in which Richemont is dealing. Itis not an easy step to use but it is necessary to focus upon the five styles which harecontained in this tool to find the best strategy to deal with a particular situation.1.3 Explaining how Research on Other Party can be UsedAs it is clear that negotiation is a way to get rid of a problem is a smooth way. So doingresearch on other parties will be helpful in many ways to Richemont. Firstly, it will provide aknowledge about the consent of other party that what they want. In addition to this, it will alsohelp in making our strategies and prepare on the other party. This preparation will help injudging whether the decision will be in favour of us or not. In case if there is any loss from the decision, we may find the measures to overcome fromthem. The base of the research and preparation is information. By collecting information, it canknown that who we are negotiating and to know about the other party (Fritsch, 2013). ThisResearch can be conducted with the help of background research on the other party, preparations,internet, checking with past negotiators, preparing notes, etc. These will used in order to assessthe other party and make decisions which are in the best favour of Richemont.

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