Business Negotiation

Team Essay on Business Negotiations

Yujin JUNG, Hwajin PARK, Xiaomeng YUAN(Effy)

                 Before proceeding to the main subject, we are intended to review our previous negotiation and write down some feedbacks based on the reflection of each three case, respectively. It is composed of The Alphexo Corporation, The Warranty Problem, and The Sell Phone.  

1.     Alphexo Corporation

                 This was our first negotiation as a team. Prior to the negotiation, we set up our goal to maximize the pre-tax economic value to Alphexo of the deal. To get more compare to the opposite party, we analyzed what our advantage is and what we can give up among the various issues. We distinguished what is important and what is not which will help us to gain an upper hand during the negotiation. After we set up the strategy, we entered the negotiation. What we did well was that we focused on our goal without any distraction. Also, we put different value on each issue and tried to trade with less valuable thing for us, which is valuable to the other party, to more valuable thing for us. But put everything aside, there was an essential and fundamental mistake. We oversighted that we had to try to expand the total pie all participants could get. Our negotiation got one of the least total outcomes as a result of the negotiation. Even though, we as a team got the most economic value but by not yielding the opposite side couldn’t make enough value, accordingly the total pie decreased considerably. Furthermore, failing to interpret presented information accurately, we got into trouble during the negotiation. That was the main cause of the backwash.  

                 What Effy did well was she tried to focus on the key point. When the negotiation strayed from the point, she brought back the core issue to the table. Also, she was good at logical thinking and not emotionally turbulent. In addition to, Effy acts and remarks with composure, it is more persuasive. One thing I am concerned is her passivity and timid voice. Sometimes it makes the other party to think of Effy as unconfident and she is indifferent of the negotiation. So, when Effy agree or disagree with some issues, I suggest her to assert with confidence. What Hwajin did well was when our negotiation doesn’t go well or doesn’t work as we planned, she requested to recess for a while. After which our team discussed what to do and resolve differences among the teammates. In addition, she listened to the opponent’s words attentively. After that she grasped the main point. In that way, we could readily reach to the common goal. Moreover, sometimes, when negotiation had come to a deadlock, she changed subject to the others. By doing so, we could manage limited time in an effective way. What I want to suggest to Hwajin is that she needs to be more intensive when she insists what she deserve from the negotiation. Sometimes she yields so much that she couldn’t get a proper share. She must keep in mind that in a negotiation, the maximum amount of earnings which she can never get to exceed the original goal.