Negotiation refers to a process in which two or more people with different objectives discuss a matter so as to reach an agreement (Queensland Government, 2016). In my personal life, I have been involved in a negotiation process. It involved negotiating on the price of a mobile phone at a local store. The game theory of negotiation was very vital in my negotiation process (Satell, 2009). This theory argues that in the process of negotiating, one should ensure that the advantage of the opponent is significantly minimized. In this case, the opponent is the seller of the mobile phones. One tactic that I used was being aware of the terms and conditions of the store (Hedges, 2013). Even though the mobile phone was $400, I wanted it at $300. I settled on this based on my analysis of the market. I had also done a background check of the store which is very vital for a successful negotiation (Harvard Law School, 2015). The mobile phone seller I was dealing with is known for inflating the prices of mobile phones and as such I knew I had to negotiate.
One challenge that is usually experienced in the process of negotiation is poor communication (Gaston, 2016). As I was trying to reach an agreement with the mobile phone dealer, he pretended not to listen. At times, he would attend to other customers before coming back to me. The communication process was thus affected. For a negotiation to be successful, a mutual agreement must be reached (Moor & Weigand, 2004). I can say that my negotiation process was successful as we reached an agreement and I bought the mobile phone at $320.
Gaston, C. (2016). What are some problems you can experience when negotiating? Demand Media. Retrieved from http://smallbusiness.chron.com/problems-can-experience-negotiating-18455.html
Harvard Law School (2015). Business negotiation techniques and deal making Bargaining with agents. Retrieved from http://www.pon.harvard.edu/daily/negotiation-skills-daily/business-negotiation-techniques-and-dealmaking-bargaining-with-agents/
Hedges, K. (2015). Six surprising negotiation tactics that get you the best deal. Forbes. Retrieved from http://www.forbes.com/sites/work-in-progress/2013/12/05/six-surprising-negotiation-tactics-that-get-you-the-best-deal/#3422059d5db8
Moor, A., D. & Weigand, H. (2004). Business negotiation support: Theory and practice.
International Negotiation 9(1): 31-57. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.95.3136&rep=rep1&type=pdfQueensland Government (2016). Negotiating successfully. Retrieved from HYPERLINK "ttps://www.business.qld.gov.au/business/running/managing-business-r" ttps://www.business.qld.gov.au/business/running/managing-business-relationships/negotiating-successfully
Satell, G. (2009). A guide to game theory and negotiations. Digital Tonto. Retrieved from http://www.digitaltonto.com/2009/game-theory-guide-to-negotiations/
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