Business Negotiation for Decoration Services - myassignmenthelp

Question: Discuss about theBusiness Negotiation Strategies for Decoration Services. Answer: Description of the negotiation situation I had a chance of negotiating for a business opportunity to offer tents, seats and decoration services to a client who had a wedding ceremony. The client, in this case, had brought a proposal in a committee seeking for a service provider who would offer quality services in terms of decorations in her wedding, quality seats and modern tents of the capacity of the expected guests in the ceremony. Taking is a great business opportunity and given the fact that my company offers all those services I decided to take the challenge of pitching my business services to the committee that was tasked with the responsibility of sourcing and presenting a number of service providers. I, therefore, took a sample of my previously done works of events management and decorations services and presented myself before the committee for negotiations. The parties involved in the negotiation Just like in any other business negotiation, there must be parties or interested persons for the negotiation to take place. The event is a wedding ceremony that meant that there was a committee that was set forth to plan for the same and was in charge of sourcing for various service providers as per the requirements given by the couples. Lucky enough I was a member of the committee since the client or one of the couples was my college friend and had invited me to be part of their wedding planning committee. Therefore the parties involved in this negotiation included the committee members who were 15 in number including myself and the couples and three other service providers in the same line of business of events management and decorations. The total number of parties involved in the negotiation, in this case, could be said to be six which can be grouped from the 18 members as follows. There were the four service providers including myself, the couples and the committee. Where did the negotiations occur? Most business negotiations do not have defined negotiations points, however, the decisions of the negotiation points are influenced by the nature business and agreements between the parties involved. Most parties usually prefer a neutral ground for negotiations in which the parties feel free to offer their deals. Most business deals may happen in an office, in a hotel, in a park or restaurant or others even happen over the phones or on other online social platforms however this depends on the nature of the business as quoted above. Therefore, in this case, the committee which was tasked with the responsibility of sourcing for the service providers after getting a number of service providers suggested that the most convenient place to meet with all the other parties was in small conference rooms in one of the hotels in Town. How the negotiations took place The negotiations were guided by the committee in which the chairman of the committee requested the couples to give a brief on their expectations for the decorations and the quality of tents and seats that they wished to have on their wedding. The couple outlined several requirements and what would be their expectation on their event. The chairman then requested the service providers to give a sample of the previous works to the committee members as well as to the couples. Then the committee requested for the price quotations for the full package of services from each service provider. Out of the four service providers, the couples were pleased with the works of two of the service providers and I was also lucky to be among the two which now began the negotiations. After quoting the total amount I would charge for the full service as well as listen to the quotation of my competitor now, the committee also gave us their budget estimates for the same an estimate which they said they were not able to add any more money to the budget as they were working on a fixed budget. My competitor price quotation was slightly higher than my charges. However, he had some services which I did not have under my package which gave him a slight advantage. Focusing on negotiation outcomes In event of business negotiations, the interests of the parties negotiating are always focused on the outcomes of the negotiations. Successful negotiations are guided by certain principles and guidelines which when followed or adhered to lead to a win-win situation which is the main goal of the negotiating parties. Such principles and guidelines include contending whereby either party is able to concede to the other parties outcome (Tudoran Boglu?, 2014). It also includes compromising in which the party targeted ideal outcome is overlooked and the parties end up settling for outcomes that are satisfactory to both parties. It also includes providing an opportunity for inaction whereby the parties buy time to think about the proposal as well as gathering more information and deciding their next tactics. The negotiating outcomes therefore normally come at the end of a negotiation process and may result in four different outcomes which include; lose-lose, win-lose a stalemate and a win-win outcome. The lose-lose situation occurs where ego controls or comes into play and thwart the negotiation process and whenever both sides are unwilling to compromise (Ku, 2016). A win-lose outcome occurs where one negotiating party wins whereas the other party loses completely. A stalemate occurs when neither the parties win nor loses as a result of not being able to deal with the interests of both parties whereas a win-win outcome in which parties strive to achieve occurs when a deal is struck between the parties and both parties are happy that their interests are met (Kaptein, 2017). Therefore in the case of the above negotiation on part A, I would have taken an inaction moment where I would have thought of the proposal of the committee and the couple and gather more information concerning their re quirements which were not sufficiently communicated. I felt that the negotiations were not sufficiently done in a way that it took the interests of both the parties taking into considerations the demands and expectations of the wedding committee as well as the couples were issued at that particular time. The prices were also quoted on the same day and what happens in the line of event management and decorations is that there is always a possibility of increasing costs on the part of the service provider if different aspects are not taken into consideration. However, there was the pressure that there wasnt enough time as the event was to be conducted in a weeks time (Stamm, 2016). I would have then asked the committee to give me a day to respond to certain cost aspects based on their expectations so that I may be able to offer services which meet their quality and other expectations other than disappointing them because I would avoid any increased costs from my side. Based on the outcome as much as it was a win-win situation I believe t hat the committee would have allowed me to have a day of responding to the requirements and probably if any resulting possible costs would have been taken into consideration. References Kaptein, M. m. (2017). The Battle for Business Ethics: A Struggle Theory. Journal Of Business Ethics, 144(2), 343-361 Ku, G. (2016). Negotiating Pitfalls. London Business School Review, 27(2), 14-15. doi:10.1111/2057-1615.12110. Sandberg, T., Hutter, R., Richetin, J., Conner, M. (2016). Testing the role of action and inaction anticipated regret on intentions and behaviour. British Journal Of Social Psychology, 55(3), 407-425. doi:10.1111/bjso.12141 Stamm, I. K. (2016). Coordination Tasks and Negotiation Modes of Linked Lives in Entrepreneurial Families. Journal Of Marriage Family, 78(4), 939-956 Tudoran, D., Boglu?, A. (2014). Types Of Negotiation Tactics. Research Journal Of Agricultural Science, 46(2), 395-402.