Mastery Journal - Negotiation & Deal-Making
During our Mastery class we were asked to make a timeline explaining our expectations of each class which we are required to complete for our Masterās degree. Ā The goal which I set for the Negotiation and Deal-Making class were to learn of all the different types of contracts and to learn which were correct in each situation. I also stated I wished to learn the art of Negotiations and I wanted to learn the key steps of deal making. Ā
The understanding that I did not have before I have learned now understanding that it takes a lot more than just to come to the table ready for a negotiation. Ā I have learned that it takes preparation to prepare for any Negotiation and time should be spent researching the topic. Ā Along with researching the topic of the negotiation, research must also be made to understand the other party in the negotiation and what their underlying interest is in the topic. Ā The Bargaining positions of the other parties in a negotiation is key to know and to understand because then better understanding is made to know exactly what the other party desires. Ā In an Negotiation it has to be understood what the mutual benefit is to both parties in the negotiation and how it will affect the other party. Ā Having a backup plan and understanding the communication style of the other party is key to a successful negotiation without the need of arbitration nor meditation to conclude the negotiation. Ā The communication style which is delivered by either party has a huge impact on the success of the negotiation because the communication style of one party may come off harsh or rude depending upon which communication style is used. Ā
I have learned that proper preparation for any negotiation of any type requires detailed research into the topic and into the other party in the negotiation. Ā Having the knowledge of what is desired by your half in the negotiation and what the other party desires is very key to a successful negotiation. Clear and concise communication is key in any negotiation and always give the respect that one would like to receive in the negotiation. Ā






