Preparing for an International Business Negotiation
Overview and Instructions
Examine negotiation techniques to develop relationships with international customers, partners, and regulators. Please see attached for Required Readings.
Scenario: You are a business executive representing a company that is interested in expanding into a new international market. You have scheduled a negotiation meeting with a potential business partner in that market. Your goal is to establish a mutually beneficial relationship with this partner to ensure a successful market entry. Your counterpart represents a local company with extensive industry and market experience.
Product/Industry: You can choose any product or industry that you find interesting.
Checklist:
Part 1: Background Research
Research the industry and market of the country you are targeting for expansion. Gather information on cultural differences, business practices, and negotiation styles.
Prepare a negotiator profile for your counterpart. Consider factors such as their background, experience, goals, interests, and potential negotiation strategies.
Part 2: Draft
Analyze and prepare a negotiation planning document that includes the following as seen in the example (do not use the example): Use your own version of this template as a working draft for your report. ( See attached)
Stated purpose: Clearly define the purpose of the negotiation and what you hope to achieve.
Interests: Identify your interests as well as your counterpart’s interests. Analyze both tangible and intangible interests.
BATNAs: Determine your Best Alternative to a Negotiated Agreement (BATNA) as well as your counterpart’s BATNA. This will help you set your reservation point.
Options, Issues and Opportunities: Explore strategies to broaden opportunities or reach a mutually beneficial agreement. Examine potential trade-offs and methods to enhance value.
Standards and Criteria: Take into account fairness, need, equity, prevailing market rates, industry benchmarks, historical context, underlying assumptions, etc.
Proposal/Proposed Solution: Aim for the desired outcome, content with an acceptable point, and be satisfied with a reservation point
Intention: Identify tactics/strategies you want to try, goals, and focus areas.
Part 3: Report
Include your research from Part 1 and your draft from Part 2 as an appendix to your report.
Explain and give examples of how you would use the negotiation planning document to guide your conversation with your counterpart.
Discuss how you plan to establish a positive relationship with your counterpart while negotiating a mutually beneficial agreement.
Analyze what might change if you were negotiating with a large customer or a regulator in that same market and explain why.
Please include references provided below for final essay submission
CEDR. (2015). How to master negotiation. Bloomsbury Professional. https://research.ebsco.com/linkprocessor/plink?id=7ff782f8-84c6-3221-86c3-41ae27ef3bdd
Lum, G. (2005). The negotiation fieldbook. McGraw Hill. https://research.ebsco.com/linkprocessor/plink?id=45713792-e6f0-3e45-a36e-53505df64699
Harkiolakis, N., & Halkias, D. (2016). E-negotiations: Networking and cross-cultural business transactions. CRC Press. https://research.ebsco.com/linkprocessor/plink?id=ef6c49ec-faf5-3d31-a94e-a27883eb4dfb
Hofstede, G. (2001). Culture’s consequences: Comparing values, behaviors, institutions, and organizations across nations. Sage. https://research.ebsco.com/linkprocessor/plink?id=08c15686-8b06-354f-98e0-aede46136d0f
Website Resources:
Hofstede’s Insights Oy (2023). Hofstede’s country comparison tool. https://www.hofstede-insights.com/country-comparison-tool
Hofstede’s Insights Oy (2023). Hofstede’s insights. https://www.hofstede-insights.com/
Directions for submitting your assignment:
Submit Parts 2 and 3 as one document in a 3–4 page report.
Make sure that any quotes or paraphrases from other sources have an in-text citation and an accompanying reference using current APA format and citation style (see the reading area for resources.)
Submit your completed 3–4 page paper with additional title and reference pages
Submit Plagiarism Report
