Negotiation Skills

Capital Mortgage Insurance Corporation

Week 5 Negotiation Skills

Professor: Mathew Jackson

James L Brown

Identify guidelines that you should follow during the negotiation.

I believe you need to start by brainstorming and deciding your method of negotiations. You want the negotiation process to be as stress free as possible.

You should do your homework and try to make sure you’re analysing from both parties’ perspectives. It is very important on having a clear scope on all requirements and objectives. These can be short and long term as long as there is reasons behind them. I understand it is very important to be prepared to gather as much information possible which can be used to validate during the negotiation. Dolan and Randall did a thorough research on the four shareholders of CTS and how they can achieve a greater benefit by this acquisition by getting an entry to Metro Net’s network.

Identify steps of the negotiation process.

There can be a four step negotiation process. The steps are as follows:

Step 1: Do your research ahead of time to so that you know your opponent and you know what you want from the negotiation. Each party presents its case. Next should be the discussion. Each side should seek clarifications if any. Arguments should be avoided. Try to pay attention to what each other needs are and let that be the focal point.

Step 2: Its important that each party understand what the other party wants. A clear scope of what they are negotiating.

Step 3: In this step each party should work with the other to identify a settlement package. A revised quote incorporating all the changes should be given. Final round of bargaining and trade concessions should happen in this step as the objective is to reach a settlement that is in the interest of both the parties.

Step 4: You want to make sure that you end by closing the deal

Apply guidelines that will enable you to facilitate effective communication during the negotiation.

A key...