Negotiation Plan Essay

Negotiation Plan Essay

Negotiation Plan Essay In the business world, negotiation can be defined as the mutual discussion of the terms of a transaction. Usually, two or more parties participate in the bargain seeking an agreement that is mutually acceptable by both parties (Steele & Beasor, 2017). The negotiation strategy embraced by the company will be geared towards launch of the product in the new market. Key tactics under consideration include the market, regulatory environment, supply chains, tariffs, distribution channels, taxes, and the local culture. The main mode of communication will be email so that we can have the time to carry out situational analysis and make informed counteroffers. Our main goal in the first phase will be to ensure initial product launch with the aim of expanding in future. All aspects of the negotiation plan will be clearly articulated to ensure that each involved party is well informed on our progress (Steele & Beasor, 2017).

Preparation will be the first step of our negotiation process. Here, essential information will be gathered as we understand the parties involved in the negotiation. It is vital to create rapport and to evaluate the various objectives for the negotiation. This will enable us to plan our negotiation approach accordingly. After adequate preparation, we will meet the other party to state our case and set the tone for the rest of the negotiation. Then, we can begin bargaining to achieve our objectives. Characteristic of this stage will be a logical approach of framing clearly thought out and planned arguments. We will try to convince the other party to yield to our demands. Finally, we will seal the agreement and formalize it in a written contract (Hong & van der Wijst, 2017). Factors that may affect our negotiation plan include the culture, time available for the entire process, available information on the market trends and communication skills of the people involved in the negotiation process. In conclusion, negotiation is an integral part in the business environment and therefore its impact on the company’s growth cannot be overlooked (Chaney & Martin, 2013).

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Negotiation Plan Essay