Negotiation in businessAnswers 1Bids 78Other questions 10,Negotiation in businessAnswers 1Bids 78Other questions 10

Note to students: An ability to conduct proper research, provide the appropriate referencingof sources and demonstrate critical thinking are all essential skills that our students mustdevelop. Hence, marks are awarded for good research effort and proper referencing.Fewer marks will be awarded to students who merely extract information from their referencesources without demonstration of critical analysis.Read the following scenario carefully and answer all the questions below. It is importantto support your answers with specific examples based on the scenario below, and todemonstrate your understanding and application of the relevant concepts. You may makereasonable assumptions, as part of your analysis.Question 1You have been working in a small and medium-sized enterprise (SME) in Singapore for thelast three (3) years. At the same time, you are studying part-time at a university. It will soon beyour last semester at the university and you have heard that some of the courses that you willtaking can be very intensive. You want to do well for these courses. Hence, you are hoping toleave work a couple of hours earlier every day during the last semester, so that you can havemore time to study and do well in your assignments and exams. You intend to ask yourimmediate manager for a promotion and a salary increase once you graduate.However, you are aware that your company is short-staffed, with many of the employeeshaving to multi-task and work overtime. This style of working has become the norm within thecompany. While the company is trying to hire one or more new employees, it has beenchallenging since most of the job applicants either do not have the relevant work experience orare seeking higher remuneration.You intend to broach the subject with your immediate manager soon. He has been with thecompany for more than five (5) years. While he is on friendly terms with you, he can also bevery task-oriented. From time to time, you have observed him being frustrated with mistakesthat were made by the team. While he tries to coach the more inexperienced employees, heappears to be very stretched for time. He is always out for meetings, reviewing paperwork inhis office or talking to other employees about work-related matters.(a) There are various ways in which an existing relationship between the negotiating partiescan change the negotiation dynamics.Consider the relationship between you and your immediate manager in the scenarioabove. Appraise three (3) ways in which such a relationship may impact on theupcoming negotiation with your immediate manager. Support your analysis withreasons and specific examples.(b) Based on the 10-step planning process, analyse each step and discuss the key actionsthat you need to take, in order to be well-prepared for a successful negotiation andachieve an outcome that is beneficial to you. Provide reasons and specific examplesthat are relevant to your organisation and your role, to support your analysis.Please note that you are required to assess and analyse the key actions, and as such,you should not be describing a laundry list of actions for each step.(c) Communication can be ineffective if the incorrect channels are used. Evaluate how youshould communicate with your colleagues in your company, including the person(s)with whom you should communicate, the types of communication channel, when eachof such channels should be used, and the duration of each communication and venue (ifrelevant). Please provide supporting reasons and examples for your recommendations.As part of your analysis, you should analyse the level of power between you and yourcompany. Describe one (1) source of power for each party, as part of your analysis.Discuss how this will impact on your communications with the company, withsupporting examples and reasons.