Negotiation and Conflict Management Final Report Essay

Its clock time to go to the next level of my c atomic number 18er, I told myself a few months ago. Life and life experiences pick out put me in the right place at the right time to hand my daydream a reality. As a natural born citizen of an new(prenominal) country and as a modernisticly-married somebody, I have a unique perspective as well as a make up ones mind of obstacles and opportunities on the road ahead as I pursue my Executive MBA while being in transition. GOALSMy current short-term goal profession whollyy is to find a job that not hardly fulfills my current ambition of being technological leader just now also a management leader in the IT world, where as my long-term goal is to under result my own business (Repurposing and creatively painting old leather products into house decor) along with my life- comparisontner in the next 3-4 years. My personal goal is to again relive my exquisite gradient, paint and be creative and get my spouse involved in the artistic wor ld that I like. I am at a voice of my career where in both my personal goal of modeling with my life-partner coincides with my ambition of starting up a new business and apply whatever acquaintance I gathered during class. My goal as far as EMBA classes is to actually be able to not only(prenominal) learn Finance and Accounting but actually try to master it is as much as possible because when my goal of opening up my business be completes a reality, I want to make sure I have command over that.NEGOTIATIONSIn my previous caller-up, I had the opportunity to be a part of some important dialogues which helped me as well as the project run into the various aspects that we had predominantly neglected at the start of some of these negotiation. One such negotiation was when a contend vendor was trying to sell their new software to our client which they claimed would be doing the aforesaid(prenominal) kind of deed that we were doing for past few years. When the time came to negotia te the new contract for our project, the clients asked us to come up with a plan as to why they should consider our software v/s the equalize vendors proposed software. When I tried to analyze the whole negotiation process that we went with the end clients and even though we managed to extend the contract, there were a lot of issues that were not par with the 3D negotiation which are as follows We didnt compulsive up the right negotiationas the right ships company and right interests were not set up. We neer considered the No-Deal option.Never paid attention to the six basic interpersonal skills that are essential for negotiation. My short term goal of being a technical as well as managerial leader in IT would require me to be a part of similar negotiations that I mentioned above. Right from extending contracts, to getting financing for brinytenance and development of software, getting more business from different set of end clients which might be fire in similar software. he re are some of the important factors that needs to be considered while making these kind of negotiations.My long-term goal of opening my own business with my spouse is something that would require a lot of negotiations that needs to be done be it with the bankers or venture capitalists who might be raise in funding it, real-estate people who might be interested in selling or renting their property and the end clients/customers who would be interested in buying my end products. These are the three cardinal area of people that I have to get involved with in-order to start my business successfully.While dealing with the Bankers/VC, one thing that we need to keep in mind is that we might have issues with one of them, so we need to keep more options and try to find the right new parties who might be interested (right players). With the Real-Estate people, you need to address the Twin tasks, namely, Learn ab off the true ZOPA and Shape your counterparts ZOPA perceptions to your advantag e. New customers are more interested in creating and claiming prize like discounted cash flows, creating relationships, reputation and being fair. We need to think long term for creating and claiming value as none of the parties should feel that they have been exploited or dealt with unfairly as the reputation would be at stake. All conflict management processes i.e. consensual negotiations, are based on information sharing and learning. In the process of sharing information, a party seeks to alter the knowledge, attitudes, preferences and strategies of its opponents. There are some conflicts that I might have to overcome during my business negotiations that can be summed up asAPPRAISALAs a successful negotiator the six basic interpersonal skills are utmost important but ab initio when I started negotiating in my previous company, I never paid real attention to some of those skills. The contract extension negotiation example above was in conclusion approved but we had a lot of th ings that were not correct and that almost cost us the deal. Here are some of the key aspects of that deal a) My company had this contract for past 9 years without any competition and hence I never expected a rival vendor to just come up with an opposite proposal with the end client. b) I never really dealt with the topic of creating and claiming value as part of the negotiation. c) Had an incomplete/blurry information on the rival vendor and their product hence before proposing the deal, we never dug deep to rectify it.d) Never pressed on the issue of Your Interests / Their Interests. As this was a contract that was being extended every single year, this thing never came to my mind. The terra firma we got the extension on the contract was due to some of equally obligate strength that as a negotiator we had and they were as follows a) Our ability to make sure the end clients understand their No-Deal option. Even though we werent aware that it was called the No-Deal option, we tru stworthyly went that route when we presented our merits in front of them and made sure they understood what they were losing in- faux pas the contract was not extended. b) Even though we didnt do our homework on the rival contractor, we made sure that we had all our facts and data right once we were in front on the clients. The data showed all the current savings that we were providing to the end clients and this was a major factor that earned us the good point.My StrengthsReasoningThe quality and extent of my preparationThe better you understand your interests (why you want what you want) and the better you understand the interests of different parties (why they want what they want), the greater the chance you will be able to reach an elegant solution which leaves the parties feeling as if each has achieved the major portion of their goals quite a little walk away thinking they would be pleased tonegotiate again with me A negotiators relative strength can be measurable by whethe r people walk away thinking they would be pleased to negotiate again with him/her.If people leave a negotiation with you thinking they never want to see you again, then you are a poor negotiator Good communication to other parties so they understand my top priority A negotiator needs to understand that different issues should be treated as having different priorities in different negotiations. Sometimes the relationship is most important other times creativity is the measure of how well one negotiates and it is always true that good communication is a fundamental measure of a negotiators strength. A good negotiator makes her/his points craply understood by other parties. A better negotiator makes understanding other parties her/his top priority.In Moms.com case study, I was Terry Schiller and as my role was to sell the program, I made sure that for my preparation for the case, whether finding the right balance between the no. of re- attracts v/s the licensing rate and making sure t hat this balance would give me as well as other party the max value. I had already metric this before the negotiation started so that I knew what value would affect me as well as the other party. In Viking Investments case study, I was the person that run Viking investments and even though bankruptcy was the option for the other party, I not only made sure that it wont happen but provided the other party with 3 different options and gave her the choice to choose which ever suited her bill. I believe in maintaining relationships and making sure that the other party feels the same way, hence when the other party walks away after the negotiation, they would want to do more business with me going forward. In Biopharm-Seltek case study, I represented Biopharm and my main goal was to make sure that the other party understood that I was not only interested in their company but was not interested in buying their patent.My WeaknessReasoningDealing with negative emotions from the other side of the table Are my standards of fairness being violated? Is the common warp operating about my being cooperative and fair while the other party is hostile and competitive?What rule or assumption that I correspond is being violated by the others behavior? Controlling your emotions commanding reasonable authority, managing your temper, etc. Has something been raised that questions what I tell myself I am or hope to be, such as Am I competent? Am I fair? Am I a good person? Knowing when to step away from the negotiation table and being able to really do it No negotiator wants to enter into a poor agreement. except similarly, every negotiator should want to walk away from an unsatisfactory agreement towards a clearly defined, satisfactory BATNAIn Viking Investments case study, there were times I couldnt control my emotion because as per my own belief I was trying to go all the way out to help the other side not file for bankruptcy but in the middle I thought that I was fighting th e battle alone. I was emotionally drained out to make the other understand the consequence of bankruptcy and helping them more than I should as a result of which I questioned my own self whether I am competent enough. This to me is a sign of weakness because I let my emotion take over the negotiation process. In Biopharm-Seltek case study, I was overwhelmed by the negative emotion from the other side as they were not ready to part away with the company without me buying the patent.It was their major walk away reason for them which I was not able to understand as they were being very hostile without being reasonable. I saw a very different take on this which was against my own personality and it was something I couldnt overcome and need to work upon that. I still have a hard time to understand that you should never accept a proposal that is worse than your BATNA. Hence I couldnt understand when to step away in case it didnt work out. In the Moms.com, I didnt get the proposal that I p repared so confidently before the negotiation started and I couldnt find the heroism to walk away from the table even though I knew the value created was not as much as what I had initially proposed.PLANHere are the negotiation skills that I plan on improving and dealing with short term as well as my long term goals1. Do your research. Clarify your own objectives and make sure you understand what your opposite number wants from the deal. For example, by doing some basic research into a potential supplier, you can work out how valuable your custom is to them. 2. Plan your strategy in writing and decide what approach you will adopt before beginning negotiations. Be clear about the type of deal you want, set clear goals and work out where you will draw the line and walk away from the deal. 3. Ask questions and listen most to answers. Asking questions will help you understand what your opposite number wants to achieve. You may be able to get them to reveal how flexible they are on cer tain issues. 4. Decide what is negotiable. Before you start to negotiate, draw up a list of factors that are most important to you. Decide what you are (and arent) prepared to compromise on. chance on factors might include price, payment terms, volume or delivery dates. The key is to establish your preferred outcome, but remain realistic, because if youre not prepared to compromise some negotiations wont last long. 5. Dont reveal your negotiating position and avoid making unnecessary concessions. If you have to make concessions look for reciprocation. Concessions should only be made to help you get the things you value. You should also avoid appearing too keen to do a deal. Consider what offer the other party in the negotiations is likely to make and how youll respond. 6. Select the best team. Once youve decided on your strategy it is essential that you get your negotiating team right. Make sure it has skills in all the required areas and, where necessary, use a specialist to negot iate in areas outside your expertise 7. Drawing up a contract. Once all the points have been negotiated and a deal has been agreed, its best to get a written contract drawn up and signed by both parties. While vocal contracts are legally binding they are difficult to prove in court. 8. Choose the right time and place for negotiation. Ideally select a time and place where you are not under pressure to close the deal.My plan of being successful in negotiationsMapping the partiesI would like to start with clandestine talks with various individual parties(bankers, customers, etc.) before bringing everyone together for public negotiations, or it may be better to immediately begin negotiation with all stakeholders. When developing the process, it is important to consider the role of third parties, special procedures and specific negotiation systems. This will likely require an understanding of the cultural norms and individual personalities of the parties involved. tho important consi derations relevant to the process include how the process is to be determined and how it could be modified. The set up essentially ensures that the scope, sequence and process of a negotiation is consistent with my desired outcome for the negotiation. I need to ensure that the right parties have been involved, in the right sequence, to deal with the right issues that engage the right set of interests, at the right table or tables, at the right time, under the right expectations, facing the right consequences of walking away if there is no deal.