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Preparing for and Performing Negotiations

1.You have decided to purchase a new vehicle and want to be as prepared as possible when you start the negotiation process. Explain how you will prepare for this negotiation. How does the extended warranty option fit into your preparation?

2.Your team has been complaining about excessive demands in the workplace and you have been put in charge of developing a plan for dealing with these excessive demands. Describe what your plan will contain.

3.What are the main issues and interests that are included in a vehicle negotiation? How would you prioritize and address each of them?

4.Why are negotiations for the procurement of outside services on behalf of your employer more complex than other types of negotiations? What are some tactics you can use to maximize your success with these types of negotiations? Use specific examples in your response.

Solution Preview

1. The first thing that I would do to prepare for this negotiation is to conduct thorough research on the prices of the type of vehicle that I'm seeking to purchase. I will collect the prices that are offered for these vehicles at different dealerships within my area, in order to ascertain which dealership offers the cheapest price for this vehicle. This would not only help me to decide which dealership to visit first, but knowing the lowest price that is offered for the vehicle would give me negotiating leverage at other dealerships, due to the fact that I can provide proof that the competitor is offering this vehicle at a cheaper price. I would then conduct research as to how sticker prices are compiled for vehicles, in order to ascertain what the base price for each vehicle is for the dealers, so that I can know approximately what the absolute bottom acceptable price that the dealership will except for the purchase of a vehicle from their lot. This is very important information to ascertain, due to the fact that the salesman's commission as well as some of the markup on the vehicle can be eliminated during the negotiations process, due to the fact that the sales manager of a dealership usually wants to sell the vehicle by any means possible, as long as they're not taking a profit loss. The extended warranty offer fits into my preparation due to the fact that I will seek ...

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