finance essay (finance =Negotiation)

Description

Regardless of whether you are conducting a multi-million dollar business deal, buying a house, negotiating a job offer, or negotiating the services of a gardener, you need a plan for negotiation.

Review criteria

The peer review process gives you the opportunity to see a number of negotiation plans from your peers and to be inspired by their creativity and insights. It also gives you a chance to evaluate the negotiation plans against the grading rubric and provide your MOOC-mates some suggestions on how to make them even better.

 

You will be asked to provide feedback to your peers in the following areas:

1. Issues: This should include 3-5 issues being negotiated. For example, in a negotiation with a textbook publisher, the negotiator might list advance payment, royalty rate, number of free author copies, and permissions responsibility as the key issues up for negotiation.

2. Position: For each of the issues under negotiation, there should be a desired position or outcome. For example, the author negotiating with the publisher might want a $5,000 advance payment, 15% royalty rate, 100 free author copies, and the publisher to pay for all permissions.

3. Interests: For each of the positions stated, it should be indicated why that position has been adopted. For example, the author might want a $5,000 advance because she needs to make a loan payment; the 15% royalty rate might be desirable because another publishing house has promised her at least that much; she might want 100 free author copies because she has promised her large, extended family a gift, etc.

4. Priorities: For each of the issues under discussion, the importance should be indicated by a rank-order scale. In our example, the most important issue might be the advance payment, so the author may rank that as #1, while the free copies might be second most important, so that would be ranked #2, etc.

5. Reservation Price: The negotiator needs to indicate the very lowest amount that he or she would accept in the current negotiation before exercising his or her BATNA. In our example, the author might grudgingly agree to a $1,500 advance, 10% royalty rate, 20 free author copies, and taking on the burden of obtaining permissions herself before exercising her BATNA of self-publishing.

6. BATNA: The negotiator needs to state what will happen if he or she fails to reach a mutual agreement — in this case, with the publisher. Perhaps there is another publishing house that the author can use. Perhaps the author will self-publish. Another possibility is to simply wait 6-12 months and hope that a better offer comes along. The BATNA should be a one-sentence statement.

7. Completing the planning document from the point of view of the other party: Of course, the negotiator will never know what the other party’s BATNA, reservation price, etc., is, but it is important to do as much research and thinking as possible and to justify these responses with an explanation.

The Negotiation Planning Document, including a brief summary of the parties and the negotiation scenario, should be submitted as a PDF.

Instructions

Negotiation Planning Document

You will be completing the attached negotiation planning document, which contains 7 key elements:

1. Issues: List the issues that you are negotiating. For example, in a negotiation with a textbook publisher, you might list advance payment, royalty rate, number of free author copies, and permissions responsibility as the key issues up for negotiation. Please include 3-5 issues.

2. Position: For each of the issues under negotiation, indicate your desired position or outcome. For example, the author negotiating with the publisher might want a $5,000 advance payment, 15% royalty rate, 100 free author copies, and the publisher to pay for all permissions.

3. Interests: For each of the positions you have stated, indicate why you have adopted that position. For example, the author might want a $5,000 advance because she needs to make a loan payment; the 15% royalty rate might be desirable because another publishing house has promised her at least that much; she might want 100 free author copies because she has promised her large, extended family a gift, etc.

4. Priorities: For each of the issues under discussion, indicate how important it is using a rank-order scale. In our example, the most important issue might be the advance payment, so the author may rank that as #1, while the free copies might be second most important, so that would be ranked #2, etc.

5. Reservation Price: The negotiator needs to indicate the very lowest amount she would accept in the current negotiation before exercising her BATNA. In our example, the author might grudgingly agree to a $1,500 advance, 10% royalty rate, 20 free author copies, and taking on the burden of obtaining permissions herself before exercising her BATNA of self-publishing.

6. BATNA: The negotiator needs to state what will happen if she fails to reach a mutual agreement — in this case, with the publisher. Perhaps there is another publishing house that the author can use. Perhaps the author will self-publish. Another possibility is to simply wait 6-12 months and hope that a better offer comes along. The BATNA should be a one-sentence statement.

7. The final step is to then complete the planning document from the point of view of the other party. Of course, you will never know what the other party’s BATNA, reservation price, etc., is, but it is important to do as much research and thinking as you can. Justify your responses with an explanation.

Complete the attached Negotiation Planning Document, including a brief summary of the parties and the negotiation scenario, and submit it as a PDF. (Looking at the attached template, the left side is you/your team and the right side is the other party/other team. The template is “view only,” so you will need to make a copy in order to fill it out. If you are unable to access the Negotiation Planning Document Google Doc template above, download the attached Word Document or PDF version).

All of the relevant areas in this assignment are covered in the Module 3 videos.

IMPORTANT NOTE: Please change the names of parties and organizations in your submission. It is important that your submissions remain anonymous.

Additional Optional Resources:

Read Exhibit 2.1, page 17-18; Exhibit 4.3, page 73 in The mind and heart of the negotiator. Thompson, L. (2020). The Mind and Heart of the Negotiator. 7th edition. Upper Saddle River, NJ: Pearson.

Read Truth 2, page 9 in The truth about negotiations.

Thompson, L. (2013). The truth about negotiations. 2nd edition. Upper Saddle River, NJ: Financial Times press.

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