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Unit11

If both parties are not willing to compro-

mise, negotiations won’t hammer out.

Mary: Hi! How was your meeting with the investors? Were you able to negotiate successfully?
Alice: I believe it went very well. We were able to negotiate a fair deal for both parties.
Mary: Good! Business negotiations can be tricky especially if no one is willing to compromise.
Alice: Yes, if both parties are not willing to compromise, negotiations won’t hammer out.
Mary: How should I go about negotiating for a better deal with my company’s suppliers?
Alice: Well, first of all, you need to assess what your company’s needs are and research on its
feasibility.
Mary: What do you mean by researching into feasibility and assessing the company’s needs?
Alice: Quantify your terms and needs. Check if you need more materials or re-negotiate the
prices.
Mary: Ah! I see what you mean. I’ll need to determine exactly what I need from the suppliers.
Alice: Exactly, you got my point.
Mary: Well, I’m looking at the big picture, so I can easily understand.
Alice: You may also need to check the market for current standards to serve as a benchmark.
Mary: Why do I also need to check the current market standard for benchmarks?
Alice: This is so you can check if the demands that you are going to be making are reasonable.
Mary: You mean, if I assess my needs I’ll have an idea if what I’m demanding is realistic?
Alice: Exactly. This way when you come to the negotiating table you are prepared.
Mary: I see. I think I’m starting to get a clearer picture, now. Thank you!
Alice: You’re very welcome. If you need more help, just let me know.
Mary: Thank you, again. You’ve been a big help.
Alice: It’s my pleasure to assist you.

1. Have you been in a situation where you had to negotiate? Give an example.

Sample answer:
Yes, I have had some experience in negotiating. I use my negotiating skills everyday.
For example, even a trip to the wet market or to the bazaars requires bargaining. I also
negotiate as part of my work in the office. It may be as complex as a contract renego-
tiation with another company or as simple as negotiating with my boss for a raise.

2. Do you think you are a good negotiator?

Sample answer:

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