TWU Management Negotiations and Conflict Management Paper

User Generated

Wrfgre34

Business Finance

Texas Woman's University

Description

write a paper elaborating on the concept of effective negotiation. In your paper, you will need to discuss the following concepts:

  • Accurate introduction of negotiation
  • Importance of negotiation
  • Process of negotiation
    • i.e. the three main stages of negotiation (prenegotiation, formal, and agreement stages)
  • Ethical dilemmas in negotiation
    • i.e. honesty and trust
  • Accurate conclusion of negotiation


Explanation & Answer:
8 Pages
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Explanation & Answer

Attached.

Effective Negotiations – Outline
I. Introduction to Negotiations
II. Importance of Negotiation
A. Development of Relationships
B. Conflict Management
III. Process of Negotiation
A. The Pre-Negotiation Stage
B. Formal Negotiation Phase
C. The Agreement Stage
IV. Ethical Dilemmas in Negotiation
A. Dilemma of Honesty
B. Dilemma of Trust
V. Conclusion


Running head: EFFECTIVE NEGOTIATIONS

Effective Negotiations
Name
Institution

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EFFECTIVE NEGOTIATIONS

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Effective Negotiations
Introduction to Negotiations

Business leaders often engage with internal and external audience members in
negotiations. Managers and entrepreneurs have to deal with staff, suppliers, clients, or sometimes
participants of the public or governmental bodies. Even most negotiation-averse entrepreneurs
can use techniques to enhance their achievement in business negotiation (Barry, Lewicki &
Saunders, 2015). This is the capacity to bargain efficiently in a wide variety of company
situations, such as deal-making, job conversations, company development, labor/management
discussions, agreements, conflict management, executive compensation, business mergers,
vendor sales prices, and revenues, and contract actualization. The quality of such negotiations is
solely based on the seven elements of principled negotiations, which include understanding
common interests, considering various options, finding best alternatives, legitimacy and
sensibleness, communication, commitment, and reasonable negotiating.
The most important elements in a principled negotiation include communication, finding
the best alternatives, legitimacy, and understanding common interests. The resolution from the
negotiation process will have a complete assessment and consideration of the selected alternative
by both sides. This means that the involved individuals need first understand all the interests,
consider the available options, and lastly, pick the best alternative which suits the needs of all
parties (Hak & Sanders, 2018). Additionally, communication plays a pivotal role in ensuring all
the factors, alternatives, and disappointments are shared adequately among the parties.
Remarkably, implementing core concerns during the negotiating process is difficult because
most people enter into a negotiating table with vested interests or rigid consideration. Also, some
individuals in certain negotiations are in varying levels of power and authority regarding the

EFFECTIVE NEGOTIATIONS

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issues under consideration. A proper negotiation process is when the interests of all the parties
are addressed without prejudice or malice. Goodwill, however, cements the reasonability and
credibility within the negotiation process, where all the parties express truthful factors and
concerns. Business negotiation in any business context is essential to be innovative. Business
negotiating techniques involve splitting the issue into smaller parts, taking into account the
different terms of the agreement.
Importance of Negotiation
Negotiation skills are valuable to companies in addressing any disagreements that may
occur in a commercial environment between different individuals. Any business environment
and activity involves various parties who have inherent interests in the entire business process.
The differentiated business interests by the stakeholders imply that business leaders will engage
in multiple negotiation processes aimed at agreeing. All staff members rely on their interpersonal
abilities to keep the negotiations going efficiently and so they ought to implement certain skills
for a good negotiation. Negotiating skills are essential in the company and are one of the crucial
abilities evaluated when hiring workers, and therefore, bargaining skills are an attractive
investment for job applicants.
Development of Relationships
Effective bargaining involves a gathering of correspondence and competencies to achieve
the desired outcome. The desired outcome, in this case, is an effective negotiation process that
not only benefits the organization but satisfies all the stakeholders. There are also various types
of negotiation applicable for business-related circumstances, but the main concern is that the
business retains its interests and bottom line. As such, t...


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