Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Why is it important to become familiar with the role of negotiation in implementing a firm’s strategy, and the various stakeholders who must be considered.
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- Describe an example of how you've successfully resolved a business dispute. What alternatives could you have considered? Would you do anything differently the next time around?arrow_forwardStakeholder management involves identifying, understanding, and effectively engaging with individuals or groups who have a vested interest or "stake" in the success or outcomes of an organization or project. Stakeholders can include employees, customers, suppliers, shareholders, government agencies, communities, and advocacy groups, among others Effective stakeholder management requires ongoing communication, collaboration, and relationship building to address their needs, concerns, and expectations. Key strategies for stakeholder management include stakeholder mapping to identify relevant stakeholders and prontize their influence, stakeholder analysis to understand their interests, power dynamics, and potential impact on the organizabon, and stakeholder engagement plans to involve them in decision-making processes and solist their feedback. By actively managing stakeholders, organizations can build trust, manage expectations, and gain support for initiatives, ultimately enhancing…arrow_forwardBased on your research, discuss the type of roles that strategic humanresource management must play to assist an organisation to achievecompetitive advantage.arrow_forward
- What is the importance of negotiations in Mergers and Acquisitions (M&A)?arrow_forwardHow do organizations prepare for potential vendor lock-ins when acquiring proprietary IT solutions?arrow_forwardHow can dispute resolution be used as an opportunity for growth and learning, both for individuals and for the organization as a whole?arrow_forward
- What are the advantages and disadvantages of having the power to make decisionsarrow_forwardAs a salesperson for a large Montreal-based robotics company. you have entered into a very complex negotiation with a major machinery manufacturer. The deal is worth millions to your company. You've been sitting across the desk from a very hard-nosed purchasing manager for days now. You discover that the purchasing manager is just months away from retirement and this will probably be his last major purchase before retirement. During one of your meetings, the prospect tells you about his impending retirement and without coming out and directly asking, he makes some subtle overtures regarding what it will take to get the deal done. He strongly hints that if you would make it worth his while personally, he would arrange to get the deal done. Your guess is that he is looking for a way to supplement his retirement. Perhaps a personal cash payout or a small cottage in the country would suffice. You figure it would cost your company approximately $150 000 to get the deal done. Explain what do…arrow_forwardWhat are the main differences between Mediation, Arbitration, and Negotiation? Give an example when you would suggest in business to use an ADR method vs. going to trial and the reasons .arrow_forward
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