Scenario:
You are a business executive representing a company that is interested in expanding into a new international market. You have scheduled a negotiation meeting with a potential business partner in that market. Your goal is to establish a mutually beneficial relationship with this partner to ensure a successful market entry. Your counterpart represents a local company with extensive industry and market experience.
Product/Industry:
You can choose any product or industry that you find interesting.
Checklist:
Part 1: Background Research
Research the industry and market of the country you are targeting for expansion. Gather information on cultural differences, business practices, and negotiation styles.
Prepare a negotiator profile for your counterpart. Consider factors such as their background, experience, goals, interests, and potential negotiation strategies.
Part 2: Draft
Analyze and prepare a negotiation planning document that includes the following as seen in the example (do not use the example): Use your own version of this template as a working draft for your report.
Stated purpose:
Clearly define the purpose of the negotiation and what you hope to achieve.
Interests:
Identify your interests as well as your counterpart’s interests. Analyze both tangible and intangible interests.
BATNAs:
Determine your Best Alternative to a Negotiated Agreement (BATNA) as well as your counterpart’s BATNA. This will help you set your reservation point.
Options, Issues and Opportunities:
Explore strategies to broaden opportunities or reach a mutually beneficial agreement. Examine potential trade-offs and methods to enhance value.
Standards and Criteria:
Take into account fairness, need, equity, prevailing market rates, industry benchmarks, historical context, underlying assumptions, etc.
Proposal/Proposed Solution:
Aim for the desired outcome, content with an acceptable point
Leave a Reply