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MBA506 Negotiation Role Play & Summary

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MBA506 Thinking Styles, Negotiation and Conflict Management

Your Task
You will engage in a negotiation for the sale and purchase of a commercial asset such as a business or a piece of real estate.
Assessment Description
You may be nominated to represent the vendor (seller) and will receive email instructions from the vendor company CEO including:

MBA506
MBA506
  1. Appointment to represent the company as their agent for the sale of the commercial asset;
  2. Specific details about the commercial asset;
  3. Information about the status of current negotiations with an alternative potential purchaser;
  4. Information about a new potential purchaser;
  5. Contact details of the agent appointed to represent the purchaser.
    Alternatively, you may be nominated to represent the purchaser and will receive email
    instructions from the purchaser company CEO including:
  6. Appointment to represent the company as their agent for the purchase of the commercial
    asset;
  7. Specific details about the commercial asset;
  8. Information about alternative assets the company is considering purchasing instead;
  9. Information about the vendor;
  10. Contact details of the agent appointed to represent the vendor

Assessment Instructions

Stage 1: Pre-negotiation (1,000 words)
You must answer the following questions:

  1. What is your thinking style preference form – monarchic, hierarchic, oligarchic, anarchic –
    and what is your thinking style scope – internal, external?
    Attach copies of completed Sternberg-Wagner Thinking Style Inventories.
  2. Are your thinking style preferences – form and scope – optimal for conducting this
    negotiation?
    Explain your answer.
  3. What adjustments (if any) could you make to adapt to a more optimal thinking style for this
    negotiation?
  4. What is your client’s BATNA? What is your client’s reservation value?
  5. What is the other party’s BATNA? What is the other party’s reservation value?
  6. What is the ZOPA range? What is your strategy for claiming the greater proportion of the
    ZOPA?
    Include at least five academic references from academic journals and textbooks.
    .
    Stage 2: Negotiation (300 words)
    You must:
  7. Enter negotiations with your counterpart for the sale and purchase of the commercial asset;
  8. Maintain a communications log that captures the date, method, items discussed, and
    outcomes of each communication.
    Attach copies of any communications that confirm agreed price.
    .
    .
    Stage 3: Post negotiation (400 words)
    You must prepare a 1 page letter to your client advising the outcome of the negotiation.

                                                                              [Your Name]

                                                       Email: [Your email address]

[Date]

By email: [Client email address]

[Client Name]

Chief Executive Officer

[Client Organisation Name]

Dear [Client Name],

RE: NEGOTIATION FOR [PURCHASE/SALE] OF [PROPERTY ADDRESS]

Dear Client,

            I am very happy to inform you that after going through the process of negotiation, we have finally reached the phase where the final proceedings of the purchase will be taking place. First of all I want to thank you for your instructions as they were very helpful. During the period of negotiation, both you and we have faced many challenges regarding our preferences about different things. For that reason, we often argued with each other to express and establish our points on the particular subject matter. However, with time we realized the importance of good negotiation skills in order to maintain the stability of our relationship as it will affect the profit of both of the parties. Every party’s aim is to gain the most amount of profits from the purchase. To do that, they try to give arguments in their favour and often ignore the other party. For that reason, the other party feels ignored and tries to dismiss the whole matter by leaving the process in the middle. Because of that, both parties might lose. Thus, a good negotiation process is extremely essential as far as the equal segregation of profit between both the parties are concerned. It is needless to say that dividing the profit equally is the main target of any negotiation process. However, certain factors like good skill in negotiation, proper communication skill, having a logical sensibility, knowledge of all rules and regulations regarding the subject matter are considered to be quite mandatory while initiating a negotiation process. If a person lacks these qualities, he or she might be responsible for facing a loss while buying. This will lead that particular party to many inconveniences regarding the property. People often denote negotiation as a negative trait. But in the sphere of business, negotiation is a significant part because it upholds the business ethics by maintaining the moral aspects of the parties since being fair while doing business is a compulsory thing for any businessperson or organization.

 I wish to confirm that the same kinds of ethics have been applied here which will benefit both of us. Keeping a positive and fair approach while handling the situation has been our priority which helped us to maintain mutual profitability. We are hoping that you will not regret your decision after joining hands with us in this contract since you are getting to know about the advantages of applying a negotiation process before doing the purchase. This ensures your profits and gives utmost importance to your valuable concerns. 

Yours sincerely,

[Your name]

NEGOTIATION ROLE-PLAY AND SUMMARY

Table of Contents

Stage 1 Pre negotiation. 3

1.    What is your thinking style preference form – monarchic, hierarchic, oligarchic, and anarchic – and what is your thinking style scope – internal, external? Attach copies of completed Sternberg-Wagner Thinking Style Inventories. 3

2. Are your thinking style preferences – form and scope – optimal for conducting this negotiation? Explain your answer. 5

3. What adjustments (if any) could you make to adapt to a more optimal thinking style for this negotiation?. 6

4. What is your client’s BATNA? What is your client’s reservation value?. 6

5. What is the other party’s BATNA? What is the other party’s reservation value?. 7

6. What is the ZOPA range? What is your strategy for claiming the greater proportion of the ZOPA?) 7

Stage 2 Negotiation. 8

Stage 3 Post negotiation. 8

Reference. 9

Stage 1 Pre negotiation

1.     What is your thinking style preference form – monarchic, hierarchic, oligarchic, and anarchic – and what is your thinking style scope – internal, external? Attach copies of completed Sternberg-Wagner Thinking Style Inventories.

The thinking style preferences vary from person to person. The refined abilities of the person can be understood from the thinking style of an individual.

 The thinking style that is preferred by me is the monarchic thinking style, with the help of which the predilection of the task and the situation can be focused.

2. Are your thinking style preferences – form and scope – optimal for conducting this negotiation? Explain your answer.

The negotiation skill of the person depends on the thinking style that the individual possesses. Inappropriate negotiation skills help in winning trust and cooperation among the individuals.

The monarchic thinking style that is preferred by me in form and scope is optimal as with the help of the stated thinking style problem that is faced can be solved. The substantial accuracy of carrying out the negotiation will be successful. With the help of the intellectual ability of the individual, the execution of the task undertaken will be accurate, and the best outcome can be ensured, as the negotiation will take place properly (Belousova & Mochalova, 2020).

The monarchic thinking style enhances the internal level of thinking, and the specific adjustments that are required during the negotiation process can be performed with the help of the monarchic negotiation skill (Aljojo, 2017).

The issue of the subject on which the negotiation is being made is focused with the help of the monarchic thinking style. The monarchic thinking style is optimal for negotiation as individuals are stimulated to identify the priorities that, in turn, will help in achieving the priorities by leading the negotiation in an appropriate direction.

The priorities of the commercial properties in which I am engaged can be achieved with the help of the monarchic thinking style. The monarchic thinking style also helps the negotiator to perform multiple tasks at a time with the help of which the existing system of the business can be developed.

 The objective of the transaction is focused with the help of the monarchic thinking style.

The external scope helps in enhancing collaboration among the team members so that the team members conduct the task that is undertaken appropriately.

 The thinking style also enhances my capability to negotiate in favour of my client.

3. What adjustments (if any) could you make to adapt to a more optimal thinking style for this negotiation?

The adjustment that will be adapted for the thinking style to be more optimal and to lead the negotiation in the path of success is with the anarchic thinking style. With the help of the anarchic thinking, style the negotiator will be able to engage in the task and understand the needs of the task. The people who possess anarchic thinking style motivates the various needs of the individuals, and the goal of negotiating the commercial properties or the goal of the negotiation is achieved,

 The thinking style is considered creative, and this, in turn, will enhance the efficiency of the people to meet the set target. The needs of the parties are also focused on with the help of the anarchic thinking style (Hayati, Surat & Noer, 2021). Innovation and the creative spirit of the individual is expressed during the work process. Self-government is enhanced with the help of the anarchic thinking style.

 With the help of the anarchic thinking, style the optimal thinking process for negotiation will be enhanced, as the tendency of the individual to boost the other people will increase. The flexibility of focusing on the task that is negotiation is enhanced with the aid of the stated thinking style. The random approach to the problem that is faced while selling the commercial property is monitored with the help of the anarchic thinking style.

4. What is your client’s BATNA? What is your client’s reservation value?

The BATNA is the Basic Negotiation Terminology that helps in valuing the needs and the desire of the buyer. BATNA stands out as the Best Alternative for the Negotiated Agreement (Sebenius, 2017).

 The BATNA for my client is the minimal amount in which the sale of the commercial property can be settled.

The reservation value for the client is the value with the help of which the maximum prepared pay that helps the negotiation to be settled.

 The reservation value is portrayed in numbers that help in estimating the counterpart suitably.

 The estimated pay for my client is $11,000, in which the selling of the commercial property will be confirmed.

5. What is the other party’s BATNA? What is the other party’s reservation value?

The other party’s BATNA is the Passchendaele holdings; the negotiating value will confirm the sale of the commercial asset if the deal is confirmed. The deal is being conducted with the purchaser so that the negotiation takes place appropriately and the alternative that is suggested turns out to be a good one.

 The reservation value of the other party is $10,000. The reservation value, in turn, helps in calculating the zone of the possible agreement.

6. What is the ZOPA range? What is your strategy for claiming the greater proportion of the ZOPA?)

ZOPA range is the Zone of Possible Agreement. With the help of the ZOPA, a range of possible agreements and the bargaining capability of the negotiators can be focused on (Yao, Zhang & Liu, 2020). With the help of the ZOPA range, the individual can achieve the settled deal. The common goal of the negotiation or the bargaining is achieved with the help of the ZOPA range. The ideas of the parties are incorporated with the help of the ZOPA range. The bargaining range of the individual can also be understood with the help of the ZOPA range. The expectation of the parties also overlaps at times during the process of the negotiation, and the ZOPA range focuses that the negotiation does not take any negative side while the bargaining zone continues.

 The price of the seller and the worst case of the seller can also be understood with the help of the ZOPA range. The buyer range can be analysed with the help of which the possible zone of the agreement is reached, and the deal is finalised or settled.

 The strategy that I follow for claiming a greater proportion of the ZOPA is maintaining a positive attitude. The power of the individual’s taking can be boosted with the help of the by thinking positively. The needs of the parties or the client can also be analysed with the help of the positive thinking attribute. The managing skill of the individual will also be boosted with the help of the positive thinking attitude, and in turn, the ZOPA range of settling the agreement will be achieved.

The negotiation will also achieve success with the help of the stated strategy; a greater proportion of the ZPOA will be executed. A positive attitude helps an individual to be aware of the tone of the interaction and that both the verbal and the nonverbal body language is monitored during the process of the negotiation.

Stage 2 Negotiation

Stage 3 Post negotiation

Reference

Aljojo, N. (2017). Differences in styles of thinking ‘In Light of Sternberg’s Theory’: A case study of different educational levels in Saudi Arabia. JOTSE, 7(3), 333-346. Available at: https://files.eric.ed.gov/fulltext/EJ1156109.pdf [Accessed 13 September 2021]

Belousova, A., & Mochalova, Y. (2020). The Relationship of Thinking Style and Motivation Features of Sales and Advertising Managers. Behavioral Sciences, 10(3), 68. Available at: https://www.mdpi.com/2076-328X/10/3/68/pdf [Accessed 13 September 2021]

Hayati, N., Surat, S., & Noer, M. A. (2021). Relationship of Teaching Style Towards to Elementary School Achievement of Students. Available at: https://hrmars.com/papers_submitted/9725/the-relationship-between-student-academic-achievements-and-their-thinking-style.pdf [Accessed 13 September 2021]

Sebenius, J. K. (2017). BATNA s in negotiation: Common errors and three kinds of “No”. Negotiation Journal, 33(2), 89-99. Available at:  https://www.hbs.edu/ris/Publication%20Files/17-055%20forthcoming_31fcea00-9139-421a-b7f4-7c8b5c572805.pdf [Accessed 13 September 2021]

Yao, J., Zhang, Z. X., & Liu, L. A. (2020). When there is No ZOPA: Mental Fatigue, Integrative Complexity, and Creative Agreement in Negotiations. Negotiation and Conflict Management Research. Available at: https://www.researchgate.net/publication/341789919_When_there_is_No_ZOPA_Mental_Fatigue_Integrative_Complexity_and_Creative_Agreement_in_Negotiations [Accessed 13 September 2021]

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