My Truck Shopping Adventure: Negotiating the Best Price - Report Example

Introduction

My original plan was to buy a truck. Some of the factors that I gave the first priority are terms and price. I intended a plan that would not eat into my budget. If the price exceeded what the item was worth in the KellyBlueBook, I was ready to walk away. I wanted to start off the negotiations as soon I found the vehicle that I needed. If the negotiation plan failed, I was ready to walk away but never give in to the demands of the negotiator. The rationale behind these considerations is that the negotiator is in a business and must seek ways of gaining profit from the sales, but as the buyer, I have to protect myself from exaggerated prices (Lewicki et al., 2020). The critique of the plan by the teammate was that I had put more emphasis on the price and forgotten the quality and effectiveness of the truck. As such, he advised me to include the kind of vehicle that I would require and its effectiveness to ease the negotiation process. Thus, I will modify some parts of the plan to include the specific model of the truck that I would require. This is important to ensure that I do not just buy any other truck within my budget without considering the efficiency of the truck.

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Critique of Team Mate’s Original Plan

My teammate’s negotiation plan involved a home purchase, and the key factors for consideration were the price and concessions for repairs. The rationale for this was that the price is the major determinant of the value of an item. However, the teammate failed to find out why the seller wanted to sell the item at the price (Lewicki et al., 2020). As a result, the teammate later realized that he had bought the item at a higher price than he would have. The teammate also failed to apply ethics in the negotiation plan (Lewicki et al., 2020). Walking away is not always the most prudent thing to do. In some cases, the buyer should be willing to accept concessions based on the value of an item. My critique of the plan also involved the considerations of the seller, who was an older couple. The teammate considered only the economic aspect of the couple and failed to address the social aspects. Even though the couple seems older, owning their own has some social attachments which the buyer should put into consideration during the negotiation plan. Based on the critique that I provided, the teammate realized that he had bought the home at a higher price.

Guidance to Offer to Partner

When offering feedback when critiquing a negotiation plan, there are several factors that the teammate needs to have considered. Some of them include the psychological perception of the negotiation process and the emotional aspect of the negotiation plan (Lewicki et al., 2020). When two people meet, the negotiator and the seller exchange emotions, which may be necessary for the negotiation process. In the negotiation process, emotions play a significant role in determining the outcome. As such, I would advise my partner to ensure that he pays attention to the emotions of the seller and be wary of them to avoid being taken away by the emotions and become sympathetic to him or her.

Additionally, in the initial plan, the teammate indicated that he needed to become aggressive in the negotiation plan. While being aggressive is important, there is the need to become reasonable when engaging another party in the negotiation process. One may become too aggressive and end up offending the other party, thus spoiling the negotiations.

Guidance to Offer to Myself

When I made the original negotiation plan, I realized there were some issues that I did not address as they were required to be addressed. The first thing that I would consider is not paying great attention to walking away as an option. In some cases, there is the need to offer concession where need be. Additionally, I realized the purpose of emotions in negotiations. People possess strong emotions when it comes to negotiations (Lewicki et al., 2020). Those feelings need to be handled properly so that they do not erupt. One needs to keep control of their emotions to ensure that the negotiation process is a successful one.

Additionally, I realized that it is not always effective to stick to the same price tag. There is a need to have a range of price tags to ensure that I get the best bargain. If the range is a reasonable one, then one is likely to get a good deal that may be better than staying fixed to the same price range.

Reference

Lewicki, R. J., Barry, B., & Saunders, D. M. (2020). Negotiation. New York, NY McGraw-Hill Education