Answer to Question #227710 in Management for Suku

Question

Describe processes & principles used when negotiating with suppliers with the following in mind.

1. Mention your companies philosophy of negotiation in terms of the values and approach of the

organisation

2. The various circumstances for negotiations are described along with their objectives as it applies to the organisation

3. The relevant negotiation processes used in the organisation are described according to the process for negotiating with suppliers

Review your negotiation process with the following in mind

• The negotiation process and results is reviewed in terms of the original objective set by the organisation

• The negotiation process is reviewed to identify strengths and weaknesses in the negotiation process

• The review identifies areas for development and recommendation for future improvement are made

Answer 1

1.     Reciprocity:-Would I want others to treat me or someone close to me this way?

2.     Set high aspirations-Those who ask for more tend to receive more. You don’t want the reason you underachieved in a negotiation be because you set low aspirations. This is why it’s important to start high and concede strategically.

3.     Satisfy needs over wants- Savvy negotiators know how to uncover and address the other party’s fundamental concerns, interests, and motivations (needs) rather than simply reacting to specific and narrow demands (wants.) However, in order to do so, you need to have an excellent radar to differentiate wants and needs.