Business Negotiation Reflection Paper Example

This is a reflection on the work covered in the course and reflections on different sections of the unit. The reflections start with the weekly briefs where each brief is to be analyzed. The briefs to be covered are week 8 to week 10 respectively.

Part I

Negotiation brief week 8 Reflection

From the key points in relation to the negotiation, we come across an analysis of cross culture. The parents interested in buying a house are from China. They would wish to purchase the house for their children but a house with extra rooms to rent out to other students. From the key points we gather this information from the points which clearly specify that the students are international students. The aspect of cultural differences needs to be considered in the negotiations between the seller and the buyer. As seen in the course different cultures affect the nature of a negotiation, so it's important for the China family to understand the culture of the seller so as to help them negotiate much better (Ribbink & Grimm, 2014). A thing that is to be considered before the negotiation kicks off is the time constraint the buyers have. The parents have exactly two weeks to find the right seller and finalize the negotiation and buying before the end of the two weeks since they have to get back to their home country knowing they have made the right decision. From the negotiation brief we find the buyers have set their target point as well as their resistance point which is very important in a negotiation (Steele & Beasor, 2017). The type of negotiation experienced in this case is more of distributive or fixed pie negotiation where the seller has the choice to sell the house to another customer in case they fail to agree on the negotiation which will be a loss for the buyers. But its a win for the buyer id they manage to get the seller to reduce the price of the house since the house will be earning them profit after they buy the house as well as they will sell the house after the students are through with school. Also from the data given in relation to the negotiation we can find that there is a positive bargaining zone due to the sellers asking price and the buyer's resistance point.

Negotiation brief week 9 Reflection

From the start of the negotiation there on can identify the mode of communication or the communication style between the parties which happens to be a low context culture. This mode entails the straight to the point negotiations where the involved parties go straight to the point and address the issues head-on as seen in the negotiation. Thailand has cultures which need to be considered in the negotiation as well as the different culture that will be involved in the negotiations (TingToomey, 2015). The negotiation results to a dilemma where different offers have been provided, and a choice has to be made on what offer to take and which offer to leave this create the dilemma and bearing in mind that the right decision will mean a lot while a wrong decision will have a huge impact in the negotiation.

Negotiation brief week 10 Reflection

As for this negotiation there are a number of things worth mentioning which play a huge role in conducting the reflection. The negotiation involves parties from different cultural bases hence an understanding of these cultural differences in the negotiation is important (Moran et al., 2014). The Japan culture varies from the other culture and this has been addressed in the negotiation where we have seen the different behaviors experienced. These include things such as patience, clear written rules, high context society group collectiveness among other cultures. The type of negotiation happening in the negotiation brief is also worth addressing. The type of negotiation happening in the case is in integrative negotiation where the locals and the Japan investors are all gaining from the negotiations. They are gaining via different means but at the end of the negotiation each party wins. The negotiation focuses on addressing needs and interests of both parties and in the negotiations, we find exchange of ideas and information.

For example, the use of the right building materials so as to ensure protection of the environment as well as the employment of the locals to provide the workforce needed. On the other party addressing issues in relation to the right location suitable for the redevelopment of hotel, marina and recreation complex. The nature of the communication in the negotiation is another issue worth addressing. There was poor communication from the start of the negotiation where one party fails to introduce themselves which results to rise of negative energy between the parties. The verbal communication styles used in the entire negotiation also clearly indicates the direct and indirect communication styles (Ion, 2014). High-context cultures have been seen applicable from on party while on the other part low context cultures have been applied. It was important first to let the two parties get comfortable with the other party's culture so as to avoid such incidences which were seen during the negotiation. A clear communication as well as important so as to clearly highlight the interests of both parties and clearly address how to gain a common ground since both parties were gaining from the negotiations (Koch et al., 2016).

Part II

Negotiations in week 11

Introduction

When doing the introduction first appreciate the other party for showing up for the meeting and ask about their trip. Ensure a clear introduction between the two parties takes place to initiate communication between both parties.

When introducing the Chinese Company, it is important to address the nature of the partnership the parties have had. The value this has had on both parties. It's worth to mention some of the great deals both the companies have closes together hence making this next joint endeavor look like one of them as well as a need to close the deal like the rest as well. It's important to view the reactions of the other party so as to try and view their possible opinions in the joint venture.

Agenda

After a clear introduction and everyone from both parties is comfortable with each other bring up the meetings agenda. This includes;

Strategy for the closure of small mines

Commitment to scholarships for training in mining safety

Railway track upgrade

Division of profit

Let the meeting address one agenda at a time so as to exhaust the issue and come up with a clear response that both parties agree on.

Strategy of closure

We want to ensure that the number of jobs lost are few as possible as well as provide those affected with possible alternatives. For the region, the mines are the only source of employment,

1st offer: 20 mines closed (500 jobs reduced)

2nd offer: 25 mines closed (1000 jobs reduced)

3rd offer: 30 mines closed (2000 jobs reduced)

4th offer: 40 mines closed (3000 jobs reduced)

These figures need to be considered by both parties.

Commitment to scholarships for training in mining safety

This has advantages tied to each other, advantages such as improvement of safety in mining for the employees and in the process, improve the production levels of mining. As safeguarding the employees stands out this will improve the public image and the perception of the people towards the company. In return give positive approach from the region natives. And for this to happen both parties are involved in ensuring the safety of the mines

1st offer: 150 engineers trained in safe mining technology

2nd offer: 100 engineers trained in safe mining technology

3rd offer: 75 engineers trained in sage mining technology

Financing Railway Track Upgrades

The upgrade of the railway track will facilitate the trade opportunities in the region as well as impact the transportation of the mined materials. It also creates job opportunities as well as developments along the track which will help the unemployment issue facing the region. The people within the region will have another source of employment with time hence this will improve the relations between the people in the region. The people and the government will see that the company has the interest of the region at heart. This will benefit both parties since they are both involved.

1st offer: $15 million Australian

2nd offer: $10 million Australian

3rd offer: $5 million Australian

Division of Profit

If not willing to provide scholarships with the of help with financing the railway track then do NOT drop below 50% / 50%

1st offer: 50% Fernet Brio Zijan Mining 50%

2nd offer: 55% Fernet Brio Zijan Mining 45%

3rd offer: 60% Fernet Brio Zijan Mining 40%

4th offer: 65% Fernet Brio Zijan Mining 35%

Final Deal

Closing of mines __30____

Training of Engineers __150____

Financing of upgrade of the existing railway _10millionAUD____

Splitting of profit: _fernet-50%__Zijian-50%

Part III

Strengths and weaknesses of the Negotiation in Week 11

As per the analysis of the negotiation between the two companies. There are a few weaknesses as well as strengths that can be used so as to reach a comfortable point of agreement. In the negotiation, the weaknesses that are at hand include the training of the engineers. This is the first weakness. Zijan Mining needs to learn the new technologies of mining from Fernet Brio hence this makes my side weak since they have to agree to certain teams so as to proceed with the negotiations. The other weakness being financing the upgrade of the railway tracks. The expense incurred in this venture needs to be shared at least between the two companies although Fernet has the upper hand since they are in a position of choosing what amount of help they want to offer. But there are a number of strengths my company has over Fernet Brio. The first being the close relationship with the government of the region as well as the people in the region, this can be used as an upper hand of the company. Another advantage, is the skills the training the company will get in relation to safe mining, these skills can be used on other mines hence they will be very beneficial for Zijan company (Wang et al., 2016). Also, another advantage is the follow-up benefits the company will have with the government after participating in the railway track upgrades.

Different strategies have been applied in the negotiations which include first the type of negotiation which is integrated negotiations. Both parties are gaining profit from the joint venture (Baarslag, 2016). There has also been appreciation of diverse culture where the Zijan company has handled their partners as per there cultures (Ferraro & Briody, 2017). There have been clear flow steps in the negotiations which started by the identification and definition of the problem. In this case, the agendas of the meeting were identified as the problem and needed to be defined before proceeding. During the process an understanding by both parties was important (Agndal et al., 2017). This involved the understanding of the parties needs and desires as well as the underlying concerns. Then an observation on the interest of both parties considered as well before making any decisions. The negotiation process was finally a success since both parties got their equal share, all their interests were considered as well as the governments and the region the joint venture is to take place. A successful negotiation gives the go-ahead to productive relationship into the venture the companies are to venture into. Also, they benefit from each other not only in line with the financial gain but also in terms of skill like in our case the training process.References

Agndal, H., Age, L. J., & Eklinder Frick, J. (2017). Two decades of business negotiation research: an overview and suggestions for future studies. Journal of Business & Industrial Marketing, ...