Memo on Negotiation
Many people engage in negotiation daily without their knowledge. Negotiations exist in two forms, which are formal and informal. Formal negotiations follow certain pre-established rules that have been established the concerned authorities. This is usually experienced in Corporations when negotiating for projects. Informal negations are casual and do not have any rules or procedures to be followed. This form of negotiation is usually seen market when buyers request the seller to reduce the price of a commodity. Aside from buying and selling is that negotiations take place in real life, for instance, persuading a kid to eat food or solve a conflict with a coworker. So, it is an aspect that plays a significant role in society. As long as people interact in various ways, negation will never lack. Therefore, it is prudent for society to learn good practices in a negotiation process.
The centrality of negotiation in human interaction has compelled many researchers to focus their attention on the topic. Currently, many works have been published on bargaining. Such works provide information on what an individual requires to do before, during, and after the negotiation process. Going by these studies, a person can succeed in the process as the information contained therein has been proven. They have been tested to be functional through the extensive research that has been done over the years. For instance, one study has focused on the steps an individual must take to prepare for a negotiation. The scholars in this study concluded that the power in negotiation relies on preparation (Mulholland, 2012). In the past few decades, the concept of negotiation had not undergone revolution compare to recent years. People could go to negotiate for a deal without preparing. This paper will reflect on the excellent practice of good negotiation.
Walt Disney succeeded in purchasing LucasFilm, a company founded by George Lucas. The reason behind Disney’s success is preparation. The company had done its research to understand what compelled Lucas to sell his multi-million empire. Several studies have found that the success of any negotiation depends on the preparation of the parties involved. Since Disney succeeded in the negotiations of the deal, it was evident that the company prepared well. Preparation and planning are vital in that they allow an organization or individual to set goals to be achieved during the negotiation process and the steps to be followed to make them. Additionally, it helps parties to know how to control their emotions during the process and buy time to put things in order when they go wrong.
Negotiation is the best way of exchanging ownership of properties and other items. It gives an avenue for the parties involved to meet an express their wishes as far as the deal is concerned. The exercise is essential for the party interested in the property on sale as he/she will find the opportunity to request a discount. Also, he will find a moment to seek all the information that is associated with the property to be acquired. If the parties involved in the exercise observe the steps and strategies that have been documented in various writing, they will reach a consensus easily (Muthoo, 2010). In the negotiation process, every party tries as much as possible to benefit a great deal from the deal. For instance, the owner of the item would want to sell at a high price. On the other hand, the buyer intends to obtain a considerable discount.
Negotiations are prone to conflicts, especially when the participants in the exercise do not keep their emotions at bay. This happens when one party does not agree to draw near to the expectation of the other. Conflict is a significant threat to the exercise when the participants have little or no knowledge to control it. Therefore the participants need to keep in mind this as they prepare for the negotiation process. In a situation where one party has more power than the other, the process is more formal, and the powerful party dominates it. For instance, when an individual is negotiating for a deal related to the government project. In this case, one requires to seek first clear information about the project so that he/she will be careful in the selection of words to use during the exercise.
In any negotiation process, the participants differ in how they defend their positions. Some do not want to be defeated, whereas some tactfully persuade the other party even though he/she does not accept the defeat. The worst thing about exercise is a group of people who get emotional quickly (Yurtsever, 2014). Such people might start abusing the other party, thus disrupting the process. Additionally, there are some of the people who are not patient during the exercise. They tend to be in a hurry and make a conclusion fast. Such people kill the business deal in cases where they do not agree with the negotiator. Individuals who have the mindset of a win-win situation are likely to bring the agreement into closure with success. This, however, the best approach to a negotiation process.
In any negation process, there are winners and losers. However, excellent negotiation is the one that results in a win-win situation. As class members, we went into a negotiation exercise. Most of my colleagues did not succeed in the process. One of the reasons behind their failure is lack of preparation. In my case, I did my research on effective negotiation strategies before going into the negotiation process. I also sought information about the party I would meet. During the exercise, I had organized myself and had all the tips that would help me succeed in the process. As I had anticipated, I succeeded in the process—courtesy to the research works that have been conducted over the years and published for our consumption.
People who want to dispose of a property or any item have unfulfilled wants that they need to achieve. If I am given a chance to do a negotiation exercise in the future, I will capitalize on this during the process. The best way to identify the unfulfilled wants of the negotiations counterpart is by seeking information about him/her first before entering into the exercise. After identifying those wants, I will ensure that my negotiation provides the benefits that meet those wants. Also, I will ensure that I control my emotions during the process to avoid the possibility of the conflict arises threaten to disrupt the business deal.
References
Yurtsever, G. (2014). Emotional regulation strategies and negotiation. Psychological Reports, 95(3), 780-786.
Mulholland, J. (2012). The language of negotiation: A handbook of practical strategies for improving communication. Routledge.
Muthoo, A. (2010). A non-technical introduction to bargaining theory. WORLD ECONOMICS-HENLEY ON THAMES-, 1(2), 145-166.