Mgt 445 - Negotiation Paper

Negotiation Paper

MGT/445

Introduction

Negotiations in today's world are drastically underestimated in our daily routines. Most people do not realize that they use negotiations in all types of aspects in every day in life such as at work, family/home, and in business. It is very important to have a pleasant personality and good communications skills when being involved in a negotiation and/or collaboration to make a deal. When being involved in a negotiation, one of the key components of success would be to fully understand what both parties are looking to obtain out of the negotiation. Honesty has been a negotiation tool that has been proven to be a very effective in communication. It is a good strategy when addressing strong negotiating personalities. Working with other's to achieve some sort of beneficial result in negotiations will require some skills that will take a form of educational level to deal with others who are already familiar with the abilities. "Let us never negotiate out of fear. But let us never fear to negotiate." - John F. Kennedy, (Inaugural Address, January 20, 1961)

Communication

Having strong communications skill is important when doing a negotiation. Someone who is understanding, as well as sympathetic towards the other party will provide them with comfort and trust. Having and understanding all the information and documents involved in the negotiation will allow you to communicate clearly to the other party, which will prove that you are sincere about the deal that is taking place. Being sincere is an important personality trait when communicating for a negotiation. Honesty to the other party about all aspects of the negotiation will provide for a smooth transactions, rather than cause concern or issues. Being open, flexible, and willing to compromises for the other parties' priority and/or personal preference will allow you to have more of a negotiating leverage. This will prove an understanding and ultimately will allow both parties involved in the negotiation to benefit in the end.

During my experience with a car dealership sales associate, I communicated that I must have all-wheel drive due to the harsh winters I would need to drive in. The sales associate then offered a compromise to add that feature the vehicle I was interested in for a new price, which was out of my budget. I then asked if there was a different vehicle that had all-wheel drive but was at an affordable price. He offered the same vehicle, with all standard and manual features, but had the specifications I required at the same price as the first vehicle I looked at. In this cause the compromise was all power inside, for the all-wheel drive outside. During the negotiations the sales associate gave me what I was looking for at the budget I was comfortable with and allowed me to have what I wanted in the vehicle, while they were happy to move the vehicle for my purchase.

Personality

Someone with a great personality as well as great communication skills will be successful when conducting any negotiations.