Negotiation Report Med Lee
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Vivian Espinosa
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A00268032
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TB 1472514
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Negotiation Report
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International Negotiations and Bargaining
1. What, in general, did you learn about negotiation from the exercise? What surprised you? What would you do differently if you had a chance to do the exercise again?
The MedLee: In Pursuit of a joint venture negotiation exercise refers to a joint venture between a US Company and a Family Thai Business Company. I had the role of Pat Armstrong (Med Device Representative: Director of International Strategic Market Research) the issues I had to negotiate were: decision making/control, staffing, profit distribution and conflict resolution mechanism. The goal of the negotiation was to keep a long-term relationship and set an agreement with Lee Medical Supply on different issues of the joint venture. We had the “know-how” of the product and they had the “know-how” of the market. This negotiation helped me understand how different cultural traits impact in a negotiation such as their goal, attitudes, personal style, communications, agreement forms, team organization and risk taking. I applied many of the skills learned in our class of Cross Cultural Communication where understanding the culture is very important, as an individual you have to have a global mindset: cultural self-awareness, knowledge of cross-cultural issues and attributes (open-mindedness, curiosity, conflict, flexibility, willingness to learn). It also helped me see that many business decisions have cultural implications that can influence the success and failures of an outcome.
Planning for international negotiations is especially important, as is the need to adjust as new information is obtained through monitoring the environmental and immediate contexts.
Vivian Espinosa
-------------------------------------------------
A00268032
-------------------------------------------------
TB 1472514
-------------------------------------------------
Negotiation Report
-------------------------------------------------
International Negotiations and Bargaining
1. What, in general, did you learn about negotiation from the exercise? What surprised you? What would you do differently if you had a chance to do the exercise again?
The MedLee: In Pursuit of a joint venture negotiation exercise refers to a joint venture between a US Company and a Family Thai Business Company. I had the role of Pat Armstrong (Med Device Representative: Director of International Strategic Market Research) the issues I had to negotiate were: decision making/control, staffing, profit distribution and conflict resolution mechanism. The goal of the negotiation was to keep a long-term relationship and set an agreement with Lee Medical Supply on different issues of the joint venture. We had the “know-how” of the product and they had the “know-how” of the market. This negotiation helped me understand how different cultural traits impact in a negotiation such as their goal, attitudes, personal style, communications, agreement forms, team organization and risk taking. I applied many of the skills learned in our class of Cross Cultural Communication where understanding the culture is very important, as an individual you have to have a global mindset: cultural self-awareness, knowledge of cross-cultural issues and attributes (open-mindedness, curiosity, conflict, flexibility, willingness to learn). It also helped me see that many business decisions have cultural implications that can influence the success and failures of an outcome.
Planning for international negotiations is especially important, as is the need to adjust as new information is obtained through monitoring the environmental and immediate contexts.