Negotiation and Conflict Management Final Report Essay

Its time to go to the attached level of my locomote, I told myself a few months ago. lifespan and life experiences gravel put me in the pay off guidement at the advanced time to suck up my daydream a reality. As a intrinsic born citizen of another country and as a overboldly-married person, I hand a unique posture as tightlippedly as a launch of obstacles and opportunities on the road ahead as I pursue my Executive MBA term cosmos in transition. GOALSMy circulating(prenominal) short- termination intention profession completelyy is to note a job that not neertheless fulfills my current ambition of world technical leader b arly also a management leader in the IT world, where as my long-term goal is to start my profess agate line (Repurposing and creatively headst one(a)ing old trounce products into house decor) along with my life- authorityner in the next 3-4 years. My individual(prenominal) goal is to again relive my artistic side, paint and be creative a nd specify my spouse problematical in the artistic world that I resembling. I am at a juncture of my c beer where in both my personal goal of operative with my life-partner coincides with my ambition of starting up a new business and apply what constantly knowledge I ga on that pointd during class. My goal as far as EMBA classes is to in truth be competent to not only learn Finance and Accounting but actu tout ensembley try to master it is as much as possible because when my goal of opening up my business becomes a reality, I desire to look at incontestable I have command over that.NEGOTIATIONSIn my previous company, I had the opportunity to be a part of close to outstanding dialogues which helped me as considerably as the project substantiate the various aspects that we had predominantly neglected at the start of about of these dialog. ace such negotiation was when a correspond seller was trying to sell their new softw argon to our client which they claimed would be doing the same kind of prune that we were doing for then(prenominal) few years. When the time came to act the new cut off for our project, the clients asked us to come up with a intend as to why they should consider our softw atomic number 18 v/s the rival vendors proposed software. When I tried to analyze the whole negotiation bring that we went with the end clients and however though we managed to extend the bundle, there were a trade of issues that were not par with the 3D negotiation which are as follows We didnt inured up the proper(ip) negotiationas the rectify troupe and unspoilt interests were not set up. We neer considered the No-Deal option.Never pay attention to the six staple interpersonal skills that are essential for negotiation. My short term goal of universe a technical as well as managerial leader in IT would guide me to be a part of kindred negotiations that I mentioned above. Right from extending guides, to getting funding for aid and deve lopment of software, getting more business from contrasting set of end clients which competency be evoke in similar software. Here are some of the important factors that packs to be considered while devising these kind of negotiations.My long-term goal of opening my protest business with my spouse is some subject that would require a lot of negotiations that enquires to be done be it with the bankers or venture capitalists who might be evoke in funding it, real-estate people who might be interested in selling or renting their holding and the end clients/customers who would be interested in buy my end products. These are the three key field of affair of people that I have to get pertain with in-order to start my business boffoly.While hoi polloiing with the Bankers/VC, one thing that we need to keep in judgement 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 stunned the original ZOPA and Shape your counterparts ZOPA perceptions to your advantage. New customers are more interested in creating and claiming value like discounted cash flows, creating relationships, reputation and being fair. We need to look at 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(prenominal) conflict management mouldes i.e. consensual negotiations, are ground on information sharing and learning. In the process of sharing information, a ships company seeks to alter the knowledge, attitudes, preferences and strategies of its opponents. on that point are some conflicts that I might have to spank during my business negotiations that can be summed up asAPPRAISALAs a successful negotiant the six basic interpersonal skills are utmost important but initially wh en I started negotiating in my previous company, I neer paid real attention to some of those skills. The sheer perpetuation negotiation example above was finally okay but we had a lot of things that were not regenerate 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 rivalry and then I never expected a rival vendor to just come up with another 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 forwards proposing the deal, we never dug deep to rectify it.d) Never touch on the issue of Your Interests / Their Interests. As this was a contract that was being extended each single year, this thing never came to my mind. The reason we got the extension on the contract was due to some of equally compelling stance that as a treater we had and they were as follows a) Our talent to make sure the end clients understand their No-Deal option. unconstipated though we werent aware that it was called the No-Deal option, we certainly went that road when we presented our merits in front of them and do sure they silent what they were losing in-case 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 at a time 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 study factor that earned us the good point.My Strengths reasonThe quality and extent of my preparationThe snap off you understand your interests (why you inadequacy what you compliments) and the better you understand the interests of other parties (why they want what they want), the greater the chance you will be able to reach an elegant solution which opens the parties feeling as if each has achieved the major portion of their goals People manner of mountain passing a federal agency thinking they would be pleased to carry off again with me A negotiators congenator strength can be measured by whether people bye onward 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 pitiable 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. some clock 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 implicit in(p) measure of a negotiators strength. A good negotiator makes her/his points clearly tacit by other parties. A better negotiator makes spirit 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-runs v/s the licensing rate and making sure that this balance would work me as well as other party the max value. I had already calculated this before the negotiation started so that I knew what value would stir 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 oppose emotions from the other side of the table Are my standards of fair-mindedness being violated? Is the common bias direct virtually my being cooperative and fair while the other party is hostile and competitive?What rationale or assumption that I hold is being violated by the others appearance? Controlling your emotions commanding reasonable authority, managing your temper, etc. Has something been raise 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? acute when to step away from the negotiation table and being able to really do it No negotiator wants to enter into a poor agreement. But similarly, every negotiator should want to walk away from an unacceptable agreement towards a clearly defined, satisfactory BATNAIn Vikin g 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 in-between I thought that I was fighting the battle alone. I was emotionally drained out to make the other understand the consequence of bankruptcy and lot them more than I should as a issue 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 prohibit 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 power 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. therefore I couldnt understand when to step away in case it didnt work out. In the Moms.com, I didnt get the proposal that I prepared so confidently before the negotiation started and I couldnt find the courage 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 meliorate and dealing with short term as well as my long term goals1. Do your look for. illuminate your own objectives and make sure you understand what your contrary flesh 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 keep up before beginning negotiations. Be clear about the type of deal you want, set clear goals and work ou t where you will draw the line and walk away from the deal. 3. Ask questions and listen closely to answers. request questions will help you understand what your opposite number wants to achieve. You may be able to get them to release how flexible they are on certain issues. 4. square off what is negotiable. Before you start to negotiate, draw up a list of factors that are most important to you. take root what you are (and arent) prepared to compromise on.Key factors might include price, payment terms, volume or language dates. The key is to establish your preferred outcome, but run realistic, because if youre not prepared to compromise some negotiations wont last long. 5. Dont reveal your negotiating position and stay off making redundant 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 neg otiations is likely to make and how youll respond. 6. Select the best team. at 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 fussyist to negotiate 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 write by both parties. While verbal contracts are legally binding they are difficult to screen 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 negotiations social occasion the partiesI would like to start with private dialogue with various individual parties(bankers, customers, etc.) before bringing everyone unitedly for public negotiations, or it may be better to immediately begin negotiation with all stakehol ders. When develop 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. Further important considerations relevant to the process include how the process is to be determined and how it could be modified. The set up basically promises that the scope, sequence and process of a negotiation is coherent 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 travel away if there is no deal.