Learning Journal Template
Reflect on the negotiation exercise that you participated in. In particular, analyze the facts, tools, mistakes, insights, emotions, and goals from the exercise. Turn in this learning journal within one week of the negotiation exercise.
Name of Exercise: Federated Science Fund
Name of Partner:
1. Facts: Provide a brief overview of key events (How was the time allocated? Offers: opening-offer and counter-offer, as well as progression of offers? How was information exchanged? Were there pivotal turning points?)
Yet again, I felt that I was placed in the weakest position in the negotiation, which would be that of United Industries. I knew, beforehand, that it would be a multi-party negotiation, and that the other two companies had the best option, if they decided form a consortium among themselves. This was the worst thing possible, from my perspective, and I was considerably worried about the possibility that it would happen without even taking my firm, into consideration. Unfortunately for me, my fears nearly came to fruition. Because the negotiation was graded and there was a possibility someone could end up really suffering from a two-party agreement, it seemed all three of us were hesitant to make an offer, especially one that would exclude one of the parties. Finally, Jamie asked both Jack and I what was a fair offer. I was the one to speak up at this point, and I suggested that we split it three ways. I also mentioned how maybe it would be fair for my firm to get a little more, like $180,000, because I was the smallest and most in need of financial capital, while the other firm were better established. My reasoning was that my innovative firm with numerous breakthroughs, would use the extra money to develop the products that would ultimately benefit all parties involved in the consortium. Right then, it became apparent that this was not a good proposal for my partners, as they quickly turned their attention to each other and started to discuss how an agreement between just them would be the best, all while I was sitting there listening in astonishment. Even when I tried to make another offer that we equally split the $480,000 three ways, it seemed they were focused only closing the deal between just the two of them. As one could imagine, this sent me into a panic because I truly believed that they were going to come to an agreement, which excluded me, right then and there. If they were going to even consider the option of a three-way deal, the terms would be that Stockman would receive $240,000, Turbo would receive $200,000, and I would only receive $40,000. I was gad that they were again willing to consider me in the consortium; however, I ultimately felt that the terms were unfair. Fortunately, I was able to convince Jamie, who represented Stockman, to take a moment to discuss an option with me in private before she agreed to a Turbo and Stockman consortium. This was a significant turning point, in my opinion, because I was able to show the other parties how they could gain more from having an agreement with me. The offer between the two of us would be that she would get $285,000, which was significantly higher than the $220,00 she would get from a 50/50 split with Turbo, and I would get $95,000. In hindsight, I wish I had tried more to convince her to accept that agreement right then and there; however, I think we both felt bad about leaving Jack out of the agreement, so we agreed to have him reenter made him aware of how the positions have changed, thinking he would be more willing to concede some of his share from the three-way agreement to me, United. However, he wasn’t willing to do this, and the agreement between him and Jamie resurfaced as most favorable in their eyes. Once again I tried to suggest an equal three-way split, but they didn’t seem interested even when I said I would concede $10,000...