Negotiation and Conflict the Management †Myassignmenthelp.Com

Question: Discuss About The Negotiation And Conflict The Management? Answer: Introducation Sternberg (1988) in his theory of mental self-government agreed that just like the society which can be governed in many ways people also many ways of using their abilities. According to Staff (2017), thinking styles and thinking levels have an influence on individuals with perception, intelligence, and personality and even have an influence on how we talk. According to Zhang (2001) use of thinking styles and thinking levels relates to the task that an individual is performing and the situation in which he or she is performing the task. According to King (2014), thinking styles determine the ability to process information and understanding how it may affect another person. Thus thinking style determines how we relate to other people. The success of negotiations mostly relies on the personal characteristics and social attributes. Legislative thinkers have an out-going personality, and they can develop good relationships with other people this makes, therefore, legislative thinkers possess good interaction abilities and thus negotiating with the customer will be easy. According to Sternberg and Wagner (1991), legislative thinkers prefer undertaking tasks or situations that require creation and formulation of ideas. This would be a perfect quality while negotiating. This is because one needs to develop good ideas to convince the client. I identified External thinking as my preferred level of thinking. According to Sternberg and Wagner (1991), external thinkers are extroverted and tend to work and relate better with other people while handling situations. External thinkers enjoy taking part in related social activities. They also have confidence while interacting with other people. Having these thinking style and levels will help me relate well with the client during the negotiations. Am able to make the negotiation process lively and effective. Negotiations also require one to be convincing which requires the development of strong ideas. As a negotiator, I have good interpersonal skills which will help me build and keep a close relationship with the client. It will be essential in persuading the client without manipulation thus maintaining a positive atmosphere throughout the negotiation. Behaviors necessary for a successful negotiation Empathy To have a successful negotiation, it is important to participate in the other persons feelings and or ideas. This helps in developing good communication. Developing an empathetic relationship with the client helps in identifying the differences between us. Being empathetic is essential in negotiation as it helps an individual to maintain his or her identity while experiencing the opinions and emotions of others. Respect In negotiations, it is essential to maintain high respect between the parties involved. Developing self-respect enables a person to respect other people as well. Respect is reciprocal, and you get it once you give it. Integrity In business negotiations, integrity is essential as it develops a sense of trust between the parties in a negotiation. Integrity includes honesty and trustworthiness. It is necessary to ensure that you honor the agreements made during the negotiation. Fairness It is good to identify the needs of the other person during negotiation as well as your goals. To come to an agreement some we have to compromise some of our needs and goals so as to reach an agreement that satisfies both parties. Sense of humor Developing a sense of humor is essential in finding solutions to various situations that may emerge during the negotiation. Emotional control A negotiator should have the ability control his or her emotions. In some cases one can be frustrated and if one allows emotions to control it may result in undesired results. BATNA BATNA stands for the Best Alternative to a negotiated agreement. This in the action that one can take if the other party pulls out of a negotiation. BATNA determines the walk away point in a negotiation. BATNA is standard that protects individuals or companies in a negotiation from accepting unfavorable terms. Clients BATNA Peshendale Holding Ltd Selling Agent: Grace Jimenez Email Address: grace.jimx@gmail.com Commercial property address: 110 Burns Street Bankstown, Sydney. It is a great property with high investment returns. We are selling the property for $ 49.5m. The other alternative comparable property in the area for sale by Ducere Pty Ltd at a price of $54 m. The difference in the prices is $ 4.5m considering that Farnsworth Property Trust wants 10% drop in price thus they would be willing to buy the property at $48.6 m. Therefore, Pashendale Holding LTD BATNA will be at $49 which will be a fair price. Farnsworth Property Trust is interested, and they hope that purchasing this property will meet their strategic plan. The property is being sold at $49.5 m. Another comparable alternative in the area is being sold at $54 m by Ducere Ply property. They have not approached Ducere Ply, but they hope that they can negotiate for 10% drop in price. Thus they expect to purchase the property at $48.6m. Their BATNA is $48.6 since it is the least price they expect to purchase the property from Ducere Pty property. ZOPA range Zone of Possible Agreement or the bargaining range exists if there is a potential agreement that would benefit both sides. The lowest price that the purchaser expects to buy a similar property is $48.6 while this may not be possible the price may be above that since Ducere Property may not agree to sell their property at that price, so I will set my ZOPA range to be $49.5- $49 this price is 8.3% lower that than of Ducere Ply Properties which could be fair for the purchaser. By comparing my clients BATNA and the other parties BATNA then it would be safe to maintain the price as it could favor both parties I wish to confirm that we reached an agreement with Farnsworth Properties that they will purchase the above- mentioned property at a price of $49m The agreement was reached after lengthy negotiations with Farnsworth purchasing agent Junaid Aftab through the email. The negotiations commenced on 10th April 2017 when Junaid sent me an email showing that Farnsworth Ltd was interested in purchasing the property. It took us 3 days to reach an agreement. I convinced the agent that the property would fetch high investment returns and thus the property was worth purchasing. Also, we compared the prices of other comparable properties in the area which the client had identified. The client had information about a commercial property owned by Ducere Ply property which was being sold for $54m. The client had not consulted the firm had hoped they would agree to lower their price by 10% thus it would purchase it at $48.6m. We agreed that we were willing to lower our price to $49m since it is uncertain that Ducere Ply property would agree to lower the price by 10%. This price is 9.2% lower which could be fair for both parties. Considering the other options available the client considers ours to be the best and also the location of the property was more appropriate. The progress of the negotiations is provided in the communication template that I sent to you. Appendices Communication Template Date Communication Method Items Discussed Outcome 10/04/2017 Email Introduction and description of our clients. Description of the property on sale and the price. Analyzed other similar properties in the same area. We were able to know each other well, which was essential before starting the negotiations. The client got full information about the property for sale. The client also informed me about other properties in the area which would be an option and also revealed their prices. 11/4/2017 Email Price negotiations and the justification of the suggested prices. We negotiated the price of the commercial property owned by Penshendale Holdings which was at $49.9. We also agreed on the lowest price that Penshendale Holding would take for the property as well as the highest price that Farmsworth Ltd was willing to pay for it. The client promised to consult with Farnsworth properties to identify the offer they could give for this property. We agreed that she would get back to me once they make their decision. 12/11/2017 Email Price agreement The client confirmed that Farnsworth properties were willing to purchase the property at $49m. This was after analyzing the alternatives that were available. They were convinced that this was the appropriate property to purchase, considering its price, location, and return on investment. References King, J 2014, What is your dominant thinking style? Business article. Available from: https://www.canadaone.com/ezine/2013/what_are_your_dominant_thinking_styles.html Staff, P 2017, In Negotiation, How Much Do Personality and Other Individual Differences Matter? Harvard Law. Available from: https://www.pon.harvard.edu/daily/negotiation-skills-daily/in-negotiation-how-much-do-personality-and-other-individual-differences-matter/ Sternberg, RJ 1988, Mental self-government: A theory of intellectual styles and their development.Human Development, 31, 197224. Sternberg, RJ Wagner, RK 1991, MSG Thinking Styles Inventory Manual. Unpublished Manuscript Zhang, L 2001, Thinking styles, self-esteem, and extracurricular experiences. International Journal of Psychology,