Not Just the Beatles - Course Work on the Negotiation in Music Band Management

2021-07-06 07:20:56
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Course work
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The negotiation process is an important aspect of the profitability and well-being of an organization. Effective negotiation is important if the negotiator is to make business deals that are profitable in the long run. As such, possession of important negotiation skills and vital information regarding negotiation is critical. The possession of these vital skills will eliminate chances of signing a business contract without enough information thus avoid potential business problems that can be detrimental (Gates, 2011). As such, a negotiator requires the capacity to analyze the issue at hand and respond appropriately without succumbing to pressure from the other parties. It is imperative that the negotiator analyses the goals, motives, and interests of the other party in an objective manner so that the outcome is beneficial. Further, impatience in negotiation can be costly as some mistakes are irreversible and as such, it is essential that patience and due diligence be at the forefront of the negotiation process. Given that the repercussions of the poor negotiation process are dire, effective negotiation remains the only logical process for rising music band. Otherwise, the same consequences that the Beatles faced would be probable. Nonetheless, that will not be the case since this paper focuses on various establishing effective negotiation process to avoid the same mistakes made by the Beatles as the band sought to rise in the music career.

A growing band may feel tempted to desire media coverage given that their publicity will grow. However early media coverage comes with its perks as it will expose the band too early before they have gained their footing in the industry to be able to make the appropriate decisions. Since the media would like to use the band or other celebrities to attract an audience and make financial outcome from the situation, as the band manager, I will take various steps to prevent this. Inappropriate media coverage will attract various parties like producers and organizations whose agenda is to take advantage of the band for their own ends because of the bands naivety. First, I will ensure that I seek to understand the problem at hand adequately through considering various facets of it. This would involve gathering relevant information from various sources and professionals regarding band management. Searching from credible online sources about challenges of a new band, what a band manager requires to know, educational expertise required among others. Further, I will strive to understand the case studies of other bands that started strong, but their success was not sustainable for various reasons. I will also seek to understand possible mistakes that the band should avoid and how to grow progressively and avoid preventable mistakes. Information is one of the most vital tools in granting one leveled playing ground and prevent any instance of exploitation. Thus, I will ensure my research is thorough, and as detailed as possible such in the negotiation table factual information will ensure maximum returns.

Upon the completion of relevant research and information gathering, I will profile the data such that I will consider the information in light of the band and pick only that which is necessary. Since the development stages are murky, keeping a low profile is critical at this stage to ensure various parties do not take advantage of the situation. Should there be offers despite the low profile, the band manager should reject the first offer made as this allows the offering company to reconsider a better payoff or analyze why the rejection. In rejecting the first offer, the manager will be able to research about the company and also the market prices of a similar offer. A Proper understanding of the market rates will ensure that the band avoids exploitation. Additionally, the band manager should be witty such that when the band is required to offer services in the war zones, reluctance will work for the band. This situation would turn around by the band manager suggesting that the band is busy and that war zones are dangerous making it impossible to them to perform. Such an answer would result in the asking company to offer better incentives as compensation to show the value of the band. Such will not only prevent exploitation, but it will also build the credibility of the band by showing that they know their worth and value and their quality should be paid off adequately.

Basic skills that the band manager requires to avoid exploitation and ensure maximum returns for the band range from interpersonal to professional skills. The band manager should have critical thinking and analytical skills to be able to deduce information from basic statements and draw relevant conclusion during the negotiation that will aid in decision making as noted by Make (2017). Critical thinking will ensure that the manager handles each contractor differently by maximizing on the weak points. For instance, asking for a high compensation to perform in the war-zones citing the risk involved will work perfectly for the band. Also, it would be seen when the manager recognizes when to stick to the market prices and when to bend a little bit. The manager may realize that a very high price may mean the loss of business thus a little compromise would be appropriate.

Active listening is important while maintaining the poise even if this may be interpreted not so smart is vital. It is in active listening that the band manager can gather information that will be necessary for decision making. Such a state ensures that decisions are made with appropriate knowledge and not misguided information. For the case of U.S.O, since the military is detailed, a very good deal may have perks hidden in the normal statements that a poor listener will skip. It is in active listening that one avoids mistakes like irrational decisions, takes time to consult with professionals and one thats overridden by the supervisor as suggested by Larson and Chang, (2016). Good communication is also an important skill in the negotiation as it will allow the band manager to say and mean the same. That means that the manager will talk in real money to USO and remain within their order of priorities. A good communicator is consistent to the end. Thus the negotiators will know that the well-informed band manager means business and thus not take advantage of the situation. The manager will be required to use factual information when communication thus necessitating continuous reading to remain updated with current information about the market rates. Finally, the band manager should be an organized person who has a well-written document regarding the rates, timing and minimum acceptable rates since if USO realizes the band is professional they will treat them as such.

The best two approaches that the rising band can use would be speaking in real money and letting the other party commit first to the deal. This rising band upon having all the required information about the market and they are at the negotiation table with the Armed Forces Radio; strategic approach dictates that the band allows the company to go first on the offer and what they are willing to commit (Weber, Belkin, Tarba, 2011). Such a situation provides the band with all information on how to strike the deal such that it works for their advantage. The company may be unwilling to give a low rate and its possible for it to offer a rate higher than expected. With the analytical band manager, the asking price can even go higher given that the price may be the minimum. Also, when USO commits first, a change of mind upon professional consultation will not appear uncalled for. Since the band is new and inexperienced in negotiation, giving the other party a platform first also may give information on how to also present their cases. Further, speaking in terms of real money is a great approach in the negotiating table as it allows the band to consider even the gritty details of the revenue they are likely to generate. It takes into consideration interest in monetary terms rather than in percentages. It allows to consider the time value of money and in essence minimize occurrences of losses.

Now that the actual negotiation process is apparent, the band should utilize various strategies during the process to get the greatest out of the process. The first strategy that is important is proper planning and stick to that plan during the negotiation process. This involves understanding the hourly rates that the band can never go below such that if the USO or Armed Forces Radio is unwilling to offer that walking away becomes imperative. Planning also entails listing the priorities and being able to distinguish between the needs and the wants such that the focus remains on meeting the needs. Thus, during the negotiation with the needs in place and what the band will gain after the process, then prevention from deviating from the main issue is avoided. Another strategy that would be used is breaking the contract into parts. Should USO or Armed Forces Radio detect naivety, then exploitation is probable, and a contract for a long while may bring irreversible damages. As such, it would be important that the negotiations allow for a process where one those related parts are fulfilled a step each instead of a one-time event. Such an arrangement ensures that any lurking danger will be identified and unanticipated negative consequences will be detected on time to discontinue the contract.

Notably, in the negotiation process, its important that the band manager sets the terms and conditions that will be the basis of the contract. When the band manager sets the terms, they will serve the interests of the band as they will be formulated in line with the objectives, target goals and monetary rates. Further, the terms will be designed in such a way that they address the needs of the negotiator, and any proposed changes would be weighed in light of those goals. Moreover, when the band is setting the terms, there is a probability of getting higher payoffs since all required data and information necessary to ascertain a particular condition will be easily accessible. Such preparedness will convey authority, professionalism and increased chances of having a great payoff.

 

References

Gates, S. (2011). The negotiation book: your definitive guide to successful negotiating. John Wiley & Sons.

Larson, D., & Chang, V. (2016). A review and future direction of agile, business intelligence, analytics and data science. International Journal of Information Management, 36(5), 700-710.

Make, Y. (2017). Principles and Tactics of Negotiation. JOURNAL OF ONCOLOGY, 3(2).

Weber, Y., Belkin, T., & Tarba, S. Y. (2011). Negotiation, cultural differences, and planning in mergers and acquisitions. Journal of Transnational Management, 16(2), 107-115.

 

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