Journal 1

One thing I realized the day I started the negotiation class was that every day in our lives we negotiate with our friends, parents, siblings even with our professors. But I never knew the strategies that different people have used on me were negotiation techniques and in some situations I think because I didn’t understand the concept of a “BATNA” or “Reservation Price (RP)” I fell into the side where I didn’t get the best piece of the pie. I Biopharm Seltek was the first negotiation that I walked into this semester, and it is also the first negotiation that I prepared myself by reading and learning different strategies to use in different situations. I think knowing my BATNA and Reservation Price before I walked into the room and start negotiating was very helpful. Preparation is the key for any negotiation as Reading 5-3 “Preparing for Negotiations by Bill Scott” discuss in the article “There is no substitute for adequate preparation”. I knew that I had to be well prepared with the information I had but at the same time think about few questions that my colleague from Seltek would ask and think about their reservation price as well, because not only I want to do a good job by understanding my reservation price and BATNA but to have a plan and idea of their RP in order to get a good deal for my company.
Reading the article “Preparing for Negotiations by Bill Scott” was very helpful in my case because after I read the case that was given to me; I started to set up my plan in a very simple way but also specific and flexible. I did in three stages by brainstorming how I’m going to approach the situation and putting myself in the Seltek negotiator’s seat as well. After I came up with the plan I tried to get some background information about the Seltek negotiator. This is where the four Ps were really helpful, It was very important to understand the purpose of the negotiation and I believe because I understood the purpose I did a better job in getting a great deal