Negotiating with Vendors

Effective Skills for Negotiating

According to Billings-Yun (2010), the outcome of a negotiation is determined by the ability of the negotiation parties to convince one another and settle on a mutually beneficial solution. Therefore, communication skills are most effective for business professionals in negotiations. Negotiators can use communication skills to explain their arguments and respond to counterarguments to meet their interests. Interpersonal skills are also practical for business professionals in talks to create a friendly environment where every party can express their ideas and concerns. Negotiators also require emotional intelligence in professional negotiation. According to Kim et al. (2014), emotional intelligence can help negotiators predict the outcome of the talks based on positive or negative emotions. Positive emotions create trust, thus increasing the chances of a win-win situation.

The Value of Preparedness in a Negotiation

Coming to a negotiation prepared gives the negotiators an idea of the arguments they should emphasize to achieve the desired outcome and how to respond to counterarguments. It also boosts confidence, thus enabling a negotiator to stick to the arguments that favor their interests. An idea of what an individual is willing to compromise in negotiation also creates the foundation for counterarguments that can help achieve the desired outcome.

Application of the Effective Skills, Preparedness, and Achieving the Desired Outcome

My past negotiation experience was great because I used the skills I now know are most effective to achieve the desired outcome. For example, I used emotional intelligence to identify hostile vendors who were more likely to reject the organization’s proposal on the best dates to run in-store promotions of their products. This helped me design the best counterarguments to convince them, leading to a mutual understanding at the end of the negotiation. I also use communication skills to negotiate with customers to identify the best resolution to their problems by outlining available measures and allowing them to give feedback on their thoughts about the proposed resolutions. I also prepared for the negotiation by identifying my main arguments, possible counterarguments, and best alternatives to the negotiated agreement. This was vital in achieving the desired outcome because every party’s needs were considered.

References

Billings-Yun, M. (2010). The four pillars of effective negotiation. Leader To Leader, 2010(57), 11-17. https://doi.org/10.1002/ltl.422

Kim, K., Cundiff, N., & Choi, S. (2014). The Influence of Emotional Intelligence on Negotiation Outcomes and the Mediating Effect of Rapport: A Structural Equation Modeling Approach. Negotiation Journal, 30(1), 49-68. https://doi.org/10.1111/nejo.12045

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Business professionals negotiate every day to achieve their desired outcomes. Practical negotiation skills are essential for building business acumen. There are numerous examples of negotiations in which you may have participated. Take note of a few that may be familiar to you.

Negotiating with Vendors

• While setting up merchandising materials for the store, did you negotiate for floor, wall, or shelf space?
• Were you involved in vendor negotiations for the best dates to run in-store promotions of their products?
• Did you negotiate with customers to find the best possible resolution to a problem?
• Did you negotiate to get more “best-selling” products into your store?
• Did you negotiate with your supervisor to switch weekends off?

Instructions

1. Review course content and conduct outside research on the topic of effective negotiation.
2. Use the results of your research to respond to the following questions:
   • Describe which skills are most effective for business professionals to use in negotiations.
   • Discuss the value of coming to a negotiation prepared (e.g., your desired outcome, what you are willing to compromise, etc.).
   • Consider the questions above regarding a recent negotiation in which you were involved.

1. • • Looking back, did you use the skills you now know are most effective? Were you prepared? Did you achieve your desired outcome?