Tăng Ngọc Bình 2192619 CRITICAL ASSIGNMENT WRITING This semester, I have studied Business meetings and Negotiation I have learned much valuable knowledge such as how to hold a business meeting and how[.]
Tăng Ngọc Bình_2192619 CRITICAL ASSIGNMENT WRITING This semester, I have studied Business meetings and Negotiation I have learned much valuable knowledge such as how to hold a business meeting and how to negotiate In the negotiation section, you will learn different negotiation concepts In this reflection, I would like to write about five concepts that I am immensely interested in and the cases in which the concepts can be applied In the workplace, a person who is an effective negotiator can be easier to solve a conflict, so negotiation is very important There are three principles that negotiators should follow: don’t make it personal, focus on the real issue and look for a win-win solution Firstly, in negotiation, if you put on personal feelings, it may express unexpected emotions which may turn into disadvantages Likewise, don’t make a negotiation become personal Secondly, throughout the negotiation process, the negotiators must remember to focus on the real situation Because the negotiation is sometimes divided into small issues and we might forget the real problem The Final is look for a win-win negotiation The reason why you negotiate that is to reach an agreement However, the negotiation process is only considered completely successful when the outcome is a win-win solution The important thing in negotiation is that negotiators should know a target or aspiration However, three main problems often arise, when identifying the target and aspiration The negotiators who set their target or aspiration too low are called underaspiring negotiators They make an offer or request something that is immediately accepted by the opponent Oppositely, overaspiring or positional negotiators know that said their target or aspiration is too high Finally, the grass-isgreener negotiators not know what they want, or what the other party does not want to give, and the customers can make an offer for the products It can lead to reactive devaluation BATNA is a very important concept in negotiation If you fail in your best agreement, think of the BATNA So, BATNA is an acronym for “Best alternative to a negotiated agreement” One thing that the negotiator must remember is not reveal your BATNA If you reveal your BATNA, the other party will lose trust and interest in the process, and the expected outcomes will not be met For example, You have a steady job at a corporation and receive a monthly salary of 60 million VND If another organization decides to hire you, your BATNA will not be less than your existing wage Typically, the aim points of negotiators not overlap: the selling always wants the buyers to pay more However, the reservation points of negotiators frequently overlap Mutual settlement is advantageous to both parties in such circumstances The problem of negotiation, on the other hand, is to find a solution that is most advantageous to oneself without giving up too much of the bargaining zone As a result, the bargaining zone also known as or zone of possible agreement (ZOPA), is the range between each party's reservation points In a positive bargaining zone, negotiators' reservation points coincide: the most the buyer is ready to pay is more than the least the seller would take This negative negotiating zone suggests that there is no positive overlap in the reserve points of the parties In this case, negotiators should use their best choices to reach an agreement In the faulty perception of win-win negotiation, there is a compromise, even split, building a relationship, and satisfaction Compromise refers to finding a medium ground between the viewpoints of negotiators Win-win negotiation is concerned with how negotiators expand the pie rather than how the pie is split Similarly, compromise and even split relate to how the bargaining zone is divided among the negotiators Satisfaction is no assurance that money and resources were not squandered; in fact, many "happy" negotiators not increase the pie Relationship development is critical but persons with intimate ties are more likely to fail to negotiate In conclusion, there are concepts that I have learned in the negotiation part of this course, which I feel excited Furthermore, I thank my lecturer- Mr.Son for giving us very useful knowledge and skills Especially the enthusiasm, help, and guidance of the teacher during the course are very appreciated