1.0 Introduction Of Stakeholders With A Proper Plan

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This is very important for any company to handle their stakeholders with care which can make a greater outcome for the whole business (Atlija, 2020). A better negotiating approach is important for that so that the company can handle all its stakeholders with a proper plan. This is also true for Penelope Pitstop which can make a greater idea for negotiation with its stakeholders with a proper strategy. This report discusses the important techniques Penelope Pitstop can follow to make a greater deal focusing on the theories of negotiation. This report also discusses the outcome the company expected from the negotiation process.

2.0 Important Negotiation Techniques

One of the most important factors that help to make a greater outcome of the whole business plan is a good negotiation with the stakeholders. A greater negotiation will help the company to run mitigating all the conflicts with greater ideas and applications (Bui & Jung, 2019). Most importantly, this can make the stakeholders happy which will help the company to have continuous growth. As an HR Manager, this is important for me to discuss all the important factors related to negotiation and serve a better idea to others about it.

This is very essential for the company is the proper negotiation techniques and tactics to make a perfect negotiation with the stakeholders. Some of the negotiation techniques that are important to follow for Penelope Pitstop are as follows-

2.1 Proper Personality

This is very important for the company to maintain a better personality while negotiating with the stakeholders. This is always helpful to maintain calm behaviour before and during the negotiation which can make a greater outcome.

2.2 Drafting the Negotiation

This will be better for the company to make a smaller draft of the whole negotiation before the actual program (Pham, 2020). This will serve the company with a proper plan and the outcome will be as expected. In short, the company will have some advantages from the negotiation program.

2.3 Better Listening

Another important factor that must be managed by the company is to listen to the stakeholders during the negotiation program. This is a greater outcome for the whole program and will serve the stakeholders a greater chance to make the deal. This will help the company to make a perfect deal. Another helpful factor is that the company can handle the factors with the stakeholders better afterwards. This will be handled by all the functions of the company and, as an HR Manager; I will also contribute in this.

All these factors will be helpful to the company to make a deal with the stakeholders. This will help the company to run the business with a greater business scenario. Most importantly, this will serve Penelope Pitstop with a greater outcome with all its business plans.

3.0 Theories of Negotiation

Penelope Pitstop can use all the important factors of negotiation to make a greater outcome of a deal. However, this will be important for the company to handle all the important factors of the negotiation properly to make a greater outcome (Jing et al., 2021). The theories of negotiation will be helpful to the company to make a greater plan for the deal. Some of the factors of negotiation are as follows-

3.1 Focusing on the Interests

According to Sorkar (2022), this will be helpful to the company to make a greater choice with all the important factors that will serve the deal a bigger one. The company must focus on the important factors that will help the company to handle the deal with a better outcome. The stakeholders as well as the company can share their points of view properly and openly which will benefit the company to make the deal. Also, this will be greater for the company to be honest with the stakeholders for a better outcome.

3.2 Unbiased Manner

Looking at the drafts and estimation of the negotiation, this is one of the important factors for the company to maintain a proper and unbiased manner to complete the negotiation. A very important factor is that the company must share the bigger picture instead of a short-term goal. This is also important for the stakeholders not to be biased by any factor that can ruin the negotiation process. Most importantly, as the stakeholders needed to be connected with the company for a longer time, this will be important to make a greater deal with all the possibilities at hand and without any biased decisions.

3.3 Handling the Host Parties

This is a very important factor for Penelope Pitstop to handle the hosts wisely. The third parties involved in the deal have a great value in the whole negotiation process. This will be a greater deal in fulfilling all the important factors of the contract (Sorkar, 2022). This is important for the company to make a greater outcome by handling all the important factors in the deal and the third parties are important in this approach. However, the company must not include any personal interest within the deal and handle it wisely.

4.0 Expected Outcome

Penelope Pitstop is a hair and beauty salon which is running with greater effort from the managers, employees, mediators and union representatives. This is so obvious that all these stakeholders have their interests that must be fulfilled by the company (Mell et al., 2021). As an HR Manager, this will be my duty to understand the employees and stakeholders and also serve them all their expectations. All of these stakeholders have some expectations of the company which must be covered by the business plans and outcomes. However, one important factor that the company must remember is that the whole business is the priority for the company (Yu et al., 2021). Some of the expected outcomes are as follows-

• The managers must have a good team who can handle the deals and factors of the company; hence better negotiation is important.
• The stakeholders must be satisfied with the deal and have a greater approach to the business without hampering the contract.
• The company must have the expected profit percentage which can reflect in all the important business deals.

5.0 Conclusion

This is a very clever approach to Penelope Pitstop to make a better plan to deal with the stakeholders. Negotiation is the only factor that can help the company to maintain the deal. This report found the important techniques Penelope Pitstop can follow to make a greater deal focusing on the theories of negotiation. This report also found the outcome the company expected from the negotiation process.

References

Atlija, D. (2020). Importance of business negotiation in sports management (Doctoral dissertation, University of Rijeka. Faculty of Economics and Business).

Bui, K. H. N., & Jung, J. J. (2019). Computational negotiation-based edge analytics for smart objects. Information Sciences , 480 , 222-236.

Jing, Y., Shao, K., Sun, C., & Wang, Y. (2021, July). The Star Wars Negotiation: Is It a Perfect Business Negotiation?. In 2021 International Conference on Economic Development and Business Culture (ICEDBC 2021) (pp. 236-239). Atlantis Press.

Mell, J., Beissinger, M., & Gratch, J. (2021). An expert-model and machine learning hybrid approach to predicting human-agent negotiation outcomes in varied data. Journal on Multimodal User Interfaces , 15 (2), 215-227.

Pham, T. (2020). Building and using social capital on WIL for employability negotiation. In Australian Collaborative Education Network National Conference 2020: Beyond 2020: Creating the Future with WIL . Australian Collaborative Education Network.

Sorkar, M. N. I. (2022). Power and Issue Framing in the Contemporary World: The Case of Climate Negotiation . Springer Nature.

Yu, C. C., Li, X., & Lu, H. (2021). A Novel Procedure to Pursue Aspired Procurement Negotiation Outcomes Using a Combined MADM Model. Mathematical Problems in Engineering , 2021 .