The Creation Of A Comprehensive Negotiation Plan
The final project for this course is the creation of a comprehensive negotiation plan.
As more companies expand their focus to include foreign markets and suppliers, it is becoming essential for business professionals to possess the unique skills necessary to carry out international negotiations. Professionals working in international markets must adapt their negotiation strategy in to meet the expectations of their clients.
In this project, you will choose a specific country/company pairing from the list provided in this document and use it as the foundation for your research and preparation. Using your knowledge of your chosen nation’s culture, economy, and business environment, you will develop a negotiation and bargaining strategy. In addition, you will need to consider the stakeholders’ interests and create a conflict management strategy to handle potential conflicts. Apply all components in to create a comprehensive negotiation plan that you would employ when carrying out negotiations with your chosen country/company. Finally, you must create a professional paper that presents your entire negotiation plan effectively. In this project, you will present your findings and recommendations, including answers to all guiding questions, as a lead negotiator prior to traveling abroad to negotiate a deal with a foreign company.
In this assignment, you will demonstrate your mastery of the following course outcomes:
· Assess the influence of culture and the environment on communication and business negotiations across the globe
· Evaluate differences in strategic decision making between diverse groups around the globe for their impact in business negotiations
· Propose appropriate bargaining strategies for conducting effective negotiations with people from different cultures
· Analyze the role of stakeholder interests in international negotiations and the need to prioritize these interests in the negotiation strategy
· Employ appropriate conflict management techniques in cross-cultural negotiations
Use the textbook and information from your individual research on one of the country/company pairings in the table below for the following prompt.
For your negotiation plan, you must create a professional paper and apply the theories and concepts from the course to interpret and formulate answers to the following guiding question: Based on the analyses conducted on your country of choice, how would you carry out negotiations with your potential business partner to ensure a successful agreement that is favorable for both parties (you and the foreign company)?
Specifically, the following critical elements must be addressed:
I. Introduction Before analyzing specific elements of negotiations in your chosen country, you will need to be familiar with general business practices and how they differ when conducting business internationally. Analyze the following aspects of negotiations and determine how each will impact cross-cultural negotiations.
a) Verbal communication
b) Nonverbal communication
c) Decision making
II. Country Analysis Analyze each of the following aspects of the country you have chosen and describe how each will impact your business negotiation.
c) Market in which your chosen business operates
III. Stakeholder Analysis For the following, remember that the scope of critical stakeholders and interests may differ depending on cultural considerations. Organize stakeholders based on priority.
a) Who are the critical stakeholders involved in this negotiation?
b) What is the significance of the role of each stakeholder?
c) What are the priorities of each stakeholder?
IV. Negotiation/Bargaining Strategy
a) What bargaining strategy will you use in your negotiations with your potential business partner? Justify your approach with supporting evidence from research.
b) Why will this strategy be effective with the chosen culture/country in which the negotiation is taking place?
c) What is your Best Alternative to a Negotiated Agreement (BATNA)? How does it affect your negotiation approach with your potential business partner? How will your strategy increase the chance of a successful outcome?
V. Conflict Management Strategy
a) What conflict management strategy will you employ during cross-cultural negotiations to handle conflicts that could potentially arise?
b) How will this strategy satisfy the stakeholders and ensure no harm is caused to the business relationship?
c) Ensure the strategy is in harmony with the culture and other aspects of your chosen country.
VI. Conclusion: Summarize your chosen negotiation plan and explain why you feel it will be effective in this particular situation.
Guidelines for Submission: Your final negotiation plan must be 8 to 10 pages in length (plus a cover page and references) and must be written in APA format. Use double-spacing, 12-point Times New Roman font, and one-inch margins. Include at least 10 references cited in APA format.
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