8 February 2013

Assignment of Managerial Negotiation

Assignment No: 07 (Seven)

Topic: A Case study on Building Long Time Business Relationship

Submitted To
Mr. S.M. Hasan Iqbal Course Instructor : Managerial Negotiation Department of Business Administration

Submitted By
Mahfuza Akter [Mili] ID: 10206038 ( Student of MBA )

THE UNIVERSITY OF ASIA PACIFIC

CASE STUDY

You are a new comer to restaurant business. You like to learn ore about the secrets of this kind of business fro some highly experienced person in this trade. Fortunately you got an appointment with Mr. Chotku who has been doing restaurant business very successfully for last 15 years. He struggled in his early stage of business but he recover well as he was very innovative and patient. He is extremely professional and does not talk much and likes thinking people. You come to know that he is from your own village. On the other hand you are a talkative person. What should be your strategy/actions in building long time business relationship with him from this very meeting?

Establish a Long Term Business Relationship

To building long time business relationship with Mr. Chotku from this very meeting I should play the following strategy :

[Establish Empathy but dont get dragged into Sympathy]

My goal is to open up honest, clear and comfortable communication, in an atmosphere of

mutual respect. This does not mean I have to agree with everything with Mr. Chatku does, wants or claims.

Secondly I will have to ask genuine questions and listen with interest to the answers. I have
to keep in mind that my opponent is quite different from me. He is an introvert person whilst I am talkative.

I have an advantage as I know the background culture Mr. Chotku grows up in, because he is
from my own village.

I am a new comer to restaurant business and on the other hand Mr. CHOTKU is highly
experienced in this trade because he has been doing this for the last 15 years, so I should try to know from him the commercial context in which his restaurant business operates- the market, the legal and financial systems, and the infrastructure.

I should also try to know everything about his company and what exactly lies behind the
CEOs statement in the last annual report.

Mr. Chotku is very innovative and patient, extremely professional and does not talk much
and likes only thinking people. I should try to make sure how his this character fits with the work he does; what is his definition of success; does he live and breathe his profession, or is it just a job; is he a steady, analytical type, or does he operate largely or intuition.

But at the same time, I must be prepared to pay back in kind. If my opponent talks willingly
and openly about his situation, I have to answer his question about me.

Nest I have to adjust my pacing to suit his local culture. I have to try to match his local
behavior, while remaining true to myself.

I should try to give a little extra for the person, mot just for the deal. This does not mean
producing empty cosmetic statements. They just annoy people. Nor does it mean dropping your price out of pity. You are negotiation as an equal here.

I should also respect his professional boundaries, I know the fact that he is from my own
village. But I should respect his professionalism. If he just wants a clear space to man oeuvre in during the negotiation freedom to be professionally demanding. This is particularly likely to happen if there are colleagues present.

I should give him a pleasant smile and some good eye contact, and then revert to a more
formal social register too.

The progress I have made on the personal front will almost certainly help my
communication, but not if I keep reminding him of it.

The next thing that I have to keep in mind is not to undermine his self esteem, and not to
crow about my own cleverness.

The point is that I can be a charm itself at the negotiation table, but if I can not deliver on my
promises my working relationship wont get off the ground.