Personal Statement : Best Buy

Negotiations are a part of daily life whether we are aware of them occurring or not. In everything that we do there are preferred end results and the end results are likely to affect more than one person. The goal in this however, is to ensure that all parties are equally benefited from the actions and reactions that occur to create that end result. While some dealings are done in a more subtle manner without a great deal of negotiation per say there are other situations that would warrant more vocalized mutually acceptable compromises. The purpose of this paper will be to effectively explain a situation of which required negotiation on the part of both parties that almost all of us have endured and that would be the process of buying a

In a lot of negotiations, it is generally expected that the two parties will stand in two different camps in terms of price or other conditions and that both parties will meet somewhere in the middle. This is not always the case but it is certainly a common

While there may be low bargaining power of suppliers, the bargaining power of consumers is extremely high. The rise of the Internet has led to an unprecedented transparency of prices within retail. It is now significantly easier to find the different prices offered at the various discount stores in the U.S. Thus in order to keep customers from the other 23,000 discount retailers in the united states, Dollar General must appease their customers at all costs in order to remain successful.

Consequently, negotiation is a process that can be approached in many ways. No matter what strategy we choose, success lies in how well we prepared. The key to negotiating a beneficial outcome is the negotiators’ ability to consider all the elements of the situation carefully and to identify and think through the options. At the same time, negotiators must be able to keep events in perspective and be as fair and honest as circumstance allows. Because a common ground or interest has brought the parties to the negotiating table, a negotiator can benefit by trying to capitalize on this common

Simply put resting at a conclusion after a negotiation may not necessarily be the ideal outcome unless cooperative is achieved by both parties. Bargaining in general could involve parents, friends, teachers, spouses, employers, and so on (Anderson, 2013). Likewise companies also negotiation contracts with one another or individuals involved within the companies.

Pre-negotiation preparation is essential for the optimal outcome of a negotiation, as it allows one to design a strategy and plan that can increase the probability of a beneficial agreement. Good preparation means thorough understanding of one’s own and the other party’s relevant information, including interests, constraints, and tradable resources. An effective negotiator should know one’s own best

In any negotiation, preparation is crucial; and having a set, outlined process to follow when preparing helps mitigate a potential oversight of any significant issues within the negotiation. Following a set process also helps one stay on task and in-line with what the important issues and factors are in a negotiation. In Bargaining for Advantage, G. Richard Shell provides a well-structured framework to follow in planning for a negotiation. For this reason, I used Shell’s negotiation preparation framework to plan for the negotiation between Rapid Printing Company (Rapid) and Scott Computers, Inc (Scott).

Once both sides have established a clear agenda and talking points now the can start the negotiation process. Each side will begin their arguments or persuasion points with each side taking turns listening before objecting the opposing side’s talking points. A good negotiator of any contract will or should poses one major important factor and that is confidence. Confidence is key to having a good chance of winning what you want in a negotiation. According to Oliver, D, How to Negotiate Effectively, (2011), Confidence is a key. “If you lose your own confidence, the counterpart will intuitively pick that up, and you will end the negotiation in a much weaker position than you need to. Tactics therefore need to be clear before you go into the negotiation. If

Best Buy, as of today, is a specialty retailer of consumer electronics, home-office products, entertainment software, appliances and related services in a superstore format. It operates retail stores, commercial Web sites, and mobile stores in the United States, Mexico, and Canada. In 2009, Best Buy was dominating the consumer electronics business, but the Richfield-based retailer is facing increasing competition from the likes of Wal-Mart, Amazon.com and Target (Moylan, 2011). Target increased their electronics floor space in about half their stores. They are emphasizing on televisions, video games and mobile phones. In addition to offering television installation services, free tech support, and an electronics trade-in program to keep up with their top competitors.

My name is Ray Charles and I have been shopping at Best Buy since was a little boy. I recently purchased a Samsung S6 Edge from your company on April 27, 2011. When I went home and opened up the box I realized what I had purchased wasn’t correct. The next day I decided to go back on my lunch break.

• Making a right negotiation strategy based on Lewicki, Hiam, and Olander’s analysis model. From their model, I think I should deploy a competitive negotiation strategy in this case. This is a win-lose strategy. My purpose is to win at all cost. I should spend time to prepare the negotiation as much as possible. I have no much concern about future state of relationship with seller.

The bargaining power of buyers stands in a direct relationship with the bargaining power of suppliers. If the bargaining power of buyers is substantial it increases the opportunity cost of suppliers. The greater the buyers concentration the greater their bargaining power. This bargaining power is also increased in markets where the suppliers’ concentration is high. The bargaining power is also increased when the cost of switching from one supplier to another is low. In instances where backward vertical integration is possible i.e. buyers setting up their own chains of suppliers the bargaining power of the buyer increases in that their prices may become more competitive. In a market where the buyers are more concerned over quality than price their bargaining power decreases as they are less inclined to shop

All three of these needs must be addressed but there could be conflicts. At a company level, there could be an overriding need to choose suppliers that offer quality products, suppliers that are committed to the market, and suppliers that can be trusted. And yet, at a personal level, the purchasing manager may think he has to drive down prices to demonstrate that he is doing an excellent job. A market research question addressed to the buyer may elicit an answer that leads us to believe that the company is price driven when in fact the company demands quality products with full service.

In the recent years, it has become almost impossible to obtain certain sneakers (particularly certain styles from Nike and Adidas) due to very high demand with a very limited supply. Because of this, a resale market has been established where these certain styles are sold by people able to obtain them with profit margins ranging from $100-$1000. As a reseller, negotiating the buying and selling price of shoes is something that I deal with on an almost daily basis. Over the past few weeks however, I have been able to apply the tactics learned throughout the course of this class to become a more effective negotiator than I ever was in the past. After a recent shoe release, I was able to actually put my negotiating skills to the test (in hopes of receiving the best possible selling price). The quest for a negotiation began with the acquisition of the Adidas NMD_R1. This particular pair of shoes (with a retail price of $170), like many others, were extremely limited and sold out almost instantly.

Don't show your bargaining power to a poor seller and don't get fooled by the zigzag of the super mall. Offer them