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Personal Reflection On Negotiation

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Negotiation is an essential daily activity that we use with or without being aware of it. It is deemed fundamental to living a satisfying and effective life. We practice negotiations to reach our goals, understand our expectations, work out a deal or merely to avoid getting into trouble. Negotiation is a process by which we try to influence others to help us attain our needs while at the same time taking into account their needs. Born and raised in India, I have witnessed negotiation from buying vegetable to buying electronics. Therefore, I had a premature understanding of negotiation. Negotiation for me was to demand your wants without caring about the other party’s needs, and walk away if our wants are not met. I had acquired this skill from experience in a very competitive fast moving consumer goods market in India. However, my perception was completely changed during my management training in the Marriott Richmond, Virginia USA. Here, while negotiating with a government alcohol distributor for our new hotel, I saw different dynamics come into play. I realized that the style of negotiation completely depends on the setting of the negotiation meeting and the party you are negotiating with. This knowledge was further enhanced during the …show more content…

This was a turning point for me. Earlier, I had a mindset to never compromise and always stress on your needs, however, in this activity, I comprehended the value of compromising and value creation. This round we could crack the deal as we compromising and we could show the counterparty that we were interested in creating a value out of this negotiation. Similarly, I witness that as we compromised, the other party didn't hesitate to compromise helping us create a WIN-WIN situation for both the parties and hence we could crack the deal. The key learning which I could extract from this activity was compromise & importance of value

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