Negotiation used in the exercise was to
Negotiation Journal 1. What were your top 3 learning’s gained from the class? 2. What did you learn about yourself in the negotiation exercises? 3. What tactics were useful in the negotiation exercises? For you and the other party? 4. How did preparation affect the outcome of the negotiation exercises? 5. What was the impact of hearing other solutions on your own level of satisfaction? Did you feel better or worse about your negotiation? Why? 6.
What did you learn from the guest speaker? Class 1 & 2 (11/5) . 1) The discussion regarding distributive and integrative types of negotiation was an important learning I took from the class. Distributive negotiation aims for one sided gain, leaving the counterpart with less. Whereas, using an integrative approach allows a negotiation to reach a greater sum by actually creating value that might otherwise be left on the table. 2) Another negotiation tool that I learned from the first day of class (and the book) is the importance of developing a BATNA.Although people may often have a backup option when entering a negotiation, I would imagine that they rarely actually prepare a detailed BATNA in advance.
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More importantly, properly assessing the other side’s BATNA can give you negotiating power and leverage. 3) The third learning that comes to mind is the 2×2 matrix that showed different negation tactics; Accommodating, Avoiding, Integrative, and Competitive. It was very interesting to see them applied during the Luna Pen exercise.I found myself choosing the collaborative option most often (accommodating once as well), which seems to fall right in line with my problem solving nature. 2. I learned that although I might recognize that an integrative approach to negotiations has great benefits, I tend to still naturally act using a more distributive approach. I, like many others, did not disclose the fact that I had 10,000 Excalibur pistons sitting in inventory while negotiating with my Knights Engines counterpart.
I take this to mean that I might not entirely trust others to use the same approach, enough so that I would expose my cards. . The most important tactic that I used in the exercise was to ask questions to gain better insight into what my negotiation partner really wanted.
Using this method I was able to discern that a 2 week rush was of critical importance to Knights Engines. Consequently, because I had inventory on hand I was able to meet this requirement and waive the rush charge. By doing this (at presumably no extra charge to me) I was able to get free brand marketing from Knights, which in turn did not cost them much.
This specific exchange seemed to be somewhat Integrative between the two parties. . The 15 minutes of preparation allowed for this exercise gave only just enough time to read the case and jot down a few key bits of information.
I found myself having to skim back through the text a number of times during the negotiation when asked questions by my counterpart. The lack of preparation also resulted in having to create a negotiation strategy on the fly. This made it difficult to assess the quantitative impact to negotiation concessions, such as giving the 100% quality guarantee. This experience made clear the value of extensive preparation before any negotiation. . It was very fascinating to see the results of the other team’s negotiations. There were a number of creative outcomes that did not come to mind during my own negotiation.
Interestingly enough though, the range of results were not widespread and tended to display common themes. My level of satisfaction after seeing all the results went up, even if only slightly. I was able to get a sales price slightly above average ($550), all the while achieving a deal that I felt benefited both parties without one side feeling taken advantage of.