May 29, 2015
Sally Soprano I: Negotiation Strategy
On behalf of my client Sally Soprano, I am preparing for my upcoming meeting with Lyrica Opera. I will focus on using the Principled Negotiation Strategy (PN). My belief is that the four crucial points of this strategy - People, Interests, Opinions and Criteria will help the negotiations stay on course and ultimately benefit both parties.
The PN negotiation strategy will allow me to focus on the issue at hand, which for my client is securing the lead of Norma in an upcoming production of Bellini’s Norma. The underlying interest is that my client is very eager to have this role that would probably lead to many other singing opportunities. This could be her big comeback opportunity. I will be listing multiple options and objective criteria that I will use to negotiate with Lyric Opera. This will ensure credibility to my argument and ultimately lead to an optimal solution.
TheMy strategies I will be focused on is Ms. Soprano’s experience in this role along with the household name and experience she brings, which would require minimal preparation for a production that is less than 3 weeks away. Here are the key points:
Her popularity and household name will draw an audience
The production is less than 3 weeks away
She will not require much training and can prepare in minimal time Inflation and popularity
She has not only played this role before, but performed it at Lyric She is much more prepared and experienced for the now than she was then
The tactics I will use are:
Delivering ticket sales and discuss a sliding pay scale: Seats sold over 85% will lead to a ‘bonus’ on top of salary base Discuss future opportunities and if 1+ future engagements can be reached that will impact ‘bottom line’ Inflation, Sally’s previous roles, the salary for the last title roles
The possible pitfalls that I could face with these tactics are:
She is no longer at her peak and may not generate enough ticket sales on her name alone The fact that she doesn’t require much preparation could lead to the opposition stating she will not have to work as hard – hence a lesser salary. There is a backup who is eagerly awaiting the chance to play the role.
The strategies that my opponent may use are:
Sally is no longer at her peak time and has had a share fare of mediocre days This role could lead to additional roles, hence the need to incorporate that into their bottom line cap The lead role normally makes double the secondary role, which would drive the salary in the low $20k There is a backup individual eagerly waiting the chance to play the role Attendance, the fear is that Sally will not be able to sell tickets on her name alone and ultimately affect her contribution to the overall production earnings. Debby – you bring good strategies and tactics that you’d employ, however you need to build on this much more. For future assignments, do not list these strategies and tactics in bullet form – write them out and discuss each one individually. You also need to focus on the pitfalls of each strategy and tactic as well. What happens if it fails? How do you anticipate the other party will respond to each method, and then provide counter arguments for each. The objective hear is to create a very thorough map of how the negotiation could take place.
It would be beneficial if you’d included more on the best and worst of what the Lyric could have told you, and how you’d respond to this. Sally could certainly receive more payment than 20K, and as her agent, you need to make sure that you don’t undervalue her to the Lyric, otherwise, they will think that there is a reason for this. If you ask for more money initially, then it shows that you truly value her talent. The Lyric will likely try to drive the price down, at which time you can negotiate logistics and side deals, such as the one I mentioned above. You can always include clauses to the...
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