Assignment Business Negotiation Strategies Every business enterprise is able to survive within a tough and competitive market environment only by making a few adjustments and compromising with other enterprises that want to equally thrive and make profits. However, this is not an easy feat to achieve for most managers and entrepreneurs because no one would want to step back and decide on a judgement that would lead to their profits reducing. Every business management requires thus the use of negotiation strategies in order to negotiate with other managers, enterprises as well as the customers and finally be able to decide what is best for the business in the process.
This paper thus helps to provide an insight into two articles that talk about negotiation strategies used within a business and the comparison and contrast between the various uses, as well as how they apply to a modern day work setting. (HowStuffWorks: Negotiation Strategies) The first article discussed is about negotiation styles and how they come into play while dealing with various different situations. The five main key points discussed in the article are ‘compete’, ‘accommodate’, ‘avoid’, ‘compromise’ and ‘collaborate’.
This article talks about how these five terms mainly apply to most businesses and companies and how manages can make use of either or some of these points in order to try and get what they need from others. A competitive style of negotiating leaves no room for adjustment with respect to the needs and wants of the other party involved. Most managers that make use of this strategy are in it for short term gains and drive by the motto of ‘I win, you lose’.
They try and put to use all their power as well as factors persisting within the business environment and try and win the situation, however, when this method is applied in the long term, it might end up harming the business. This is because it may leave the business in ruins due to unhealthy competition. Another strategy involves the use of accommodation and this is the exact opposite of competing with a business enterprise. The use of this strategy proves to be fruitfully only when applied against a high competing power in the business environment because if an enterprise is in a weak position then the best thing to do for it to survive would be to give in.
In order to prevent such a situation form arriving, many enterprises thus go in for the ‘avoid’ method where both parties lose altogether. This mostly takes place when the value to be forfeited or negotiated by both parties is too trivial. On the other hand, compromise takes place when both parties are able to trust each other to some extent and thus are willing to provide a proper rationale for the purpose of both sides gaining a certain amount and losing out on the same as well.
The last strategy discussed in this article is the negotiation strategy that brings about collaboration in which both parties win something without losing out on anything. It is a situation where a mutual benefit is created and a collaborative style of negotiating offers a win-win situation on both sides. Therefore this article is helpful for managers in order to understand all kinds of business strategies and then apply whichever one they would like in order to meet their needs.
(Coburn, Calum) On the other hand, the second article talks about negotiation strategies that are widely used by managers and executives in order to unlock the doors of success and be able to reap profits and large turnovers for the company. This article has clearly specified five different strategies that people might make use of, and that can help them turn in lucrative deals at the end of the day. The first strategy is about having clarity of objectives.
Every manager thus should be able to clearly state out his or her plan and have a definite goal in mind before going ahead with the negotiation talks. This is because unless one is clear about what one wants, he will not be able to achieve it with ease. The second strategy is about clear communication. Having concern about the partner or customer’s convenience in communication helps to ease the mood and make matters more comfortable for both sides. Positive body language also helps a great deal in trying to influence other parties and negotiate deals clearly.
The third is to maintain a level of trust and influence which will help in lubricating the negotiation process further. Measures must be adopted in order to achieve the final goal which can be done by laying down rules and regulations which help to build trust. In order to negotiate with companies that are based and established abroad, a wide and in depth understanding of the global market will be required so that an indigenous company is able to carefully place itself in the market and achieve its organisational goals.
This is known as cross cultural negotiation and mergers and acquisitions need to be handled by managers in a very clever and concise manner in order to be able to stay on top of the market. Finally, negotiation can also be done in teams with the help of strategic thinking and ideas pouring in from all sides. Thus a proper human resources management is required to understand and carry this out. (Pandey, Kundan) In conclusion, both articles are very helpful in trying to understand negotiation strategies; one has laid down in a brief manner, the various kinds of negotiation strategies that exist and are good for the home company as well as the other parties that it is entering into negotiation with, in a broader horizon, whereas the second article has laid down clearly the various kinds of negotiation strategies that might be used by business enterprises in order to ensure that they are able to achieve their finals goals in a manner befitting maximum profit and turnover for the company.
References Coburn, Calum. Negotiation Conflict Styles or Profiles | Negotiation Experts. " Negotiations Skills Training | Negotiation Experts. Retrieved from http: //www. negotiations. com/articles/negotiation-conflict-profiles/. Pandey, Kundan. Negotiation Strategies for Managers and Executives. " Buzzle Web Portal: Intelligent Life on the Web. Retrieved from http: //www. buzzle. com/articles/negotiation-strategies-for-managers-and-executives. html "HowStuffWorks "Negotiation Strategies"" HowStuffWorks "Business & Money" Web. Retrieved from http: //money. howstuffworks. com/personal-finance/budgeting/negotiation4.htm