The proposed downtown Edmonton establishment is a premier local institution that promises a great deal within the urban space. With downtown Edmonton’s vibrant growth as a center of business and leisure, the arrival of a new venue emphasizes life and opportunities. Negotiations act as the hinge point in securing the terms and agreements. This paper will discuss the planning for contractual dealings with Jacqueline Biollo in the purchasable space.
Part A: Negotiations with Jacqueline Biollo
Negotiation Goals
Attain a Competitive Rental Price
The first component of the negotiation goal becomes a brilliant rental value per square foot. Specifically, the goal is to specify precisely what rental price one wants and be open about it to avoid confusion or such issues when negotiating. The measurability is secured by defining a benchmark against current market rates. It allows for applying an evidence-based method regarding pricing negotiations. However, it is crucial to be reachable as it has to comply with the budget as written out in the business plan to ensure that it is financially viable. Reliability concerns a verification of market trends and the prognoses that give trust to the appropriateness of the rental price. The time-bound deadline for the completion of negotiations on the lease creates a feeling of resentment and hasty.
Establish Favorable Lease Terms
The second priority during the negotiation process is to achieve favorable lease terms. The goal involves defining lease terms that directly advance the interests of the firm and guarantee transparency and congruity with the operational remit. The measurability refers to a complete analysis of the results that these terms will produce in revenue for the company. This forms a quantitative ground with which negotiations could be made. The attainability criterion should be rigorously evaluated such that the proposed terms align with the sustainable growth and financial solvency of a business firm. The reliability, however, calls for analysis of the industry standards regarding the lease agreements to ensure that these proposed terms are both reasonable and competitive. To conform to the time-bound nature, an effective schedule for negotiating and ending up with the lease terms is created, giving importance to the necessity of efficacy in negotiations. How ever
Issues
Challenges like Jacqueline Biollo’s resistance and the always-volatile nature of market fluctuation might occur in the negotiations on competitive rental prices. The solution will be comprehensive market research that bolsters a data-driven argument for the desired rent and communication tactics designed to afford an element of resistance through transparency and negotiation techniques. In securing favorable leases, challenges will be faced in ensuring that the terms meet the requirements while aligning with what Jacqueline Biollo expects. These moves include cooperatively approaching the landlord, being willing to listen to his or her side of the story, and citing reasons that support the request for favorable lease terms as helping him or her achieve a benefit in line with the establishment’s success. At the same time, presenting a desire for continuing partnership and highlighting shared value-adding should establish an approach to mitigate resistance in bargaining the lease options.
Part B: Strategy Selections
Identification of Negotiation Strategy
The distributive negotiation strategy that will be adopted. It is aimed at prioritizing individual gains and claims of the establishment. This method intends to obtain the best possible terms to negotiate a competitive rental rate per square foot. The distributive negotiation strategy is most appropriate when securing as much benefit as possible from an establishment’s growth within a set budget (De la Porte & Jensen, 2021). It applies more to Goal 1, which targets a competitive rental price. The strategy will emphasize the rent price to achieve and its feasibility as required by the business plan.
However, there are challenges and risks associated with the distributive approach. Though it can bring a quick profit by way of negotiating the rental rate, there is a chance of losing the favorable connection with Jacqueline Biollo. The competitiveness in this strategy can also provoke more excellent resistance and hostility, inhibiting the development of a constructive and cooperative long-term connection. Besides, zeroing in only on personal gains may overlook the establishment of a basis for future negotiations or partnerships. Thus, this distributive strategy will require close thought and premeditation to prevent these pitfalls from affecting the level of professionalism that should be maintained throughout the negotiation process.
Justification of Selected Strategy
The reason for choosing the distributive negotiation strategy in the subsequent negotiations with Jacqueline Biollo is related to the desire to focus on the organization’s interests. These interests are in terms of financial security under the conditions established by a limited budget. There is a need for individual gains as it would prevent winding up bankrupt as others seek to snatch their market share. The distributive strategy is also aligned with the establishment’s primary goal of using its available resources optimally and lowering its overhead costs by achieving a competitive rental rate per square foot. Additionally, this approach permits communication with a hard-bargaining style in negotiations so that the negotiation group can push confidently for the interests while respecting the financial limitations outlined in the business plan.
The distributive strategy addresses the features of negotiations concerning the probably rented space with Jacqueline Biollo, the landlord. Distributive strategy provides a formal structure to press for the establishment’s needs assertively. Jacqueline Biollo being the property owner thus means that a rental in return is likely to be targeted with a strategic approach since it involves striking a balance between the competitive pricing of the risk and expectation of the establishment while maintaining her profits. With the distributive strategy, this negotiation team can reasonably handle dynamics on negotiations between Jacqueline Biollo and negotiate terms that support the establishment’s goals.
The conditional response to the distributive negotiation strategy in anticipating Jacqueline Biollo’s reactions and responses requires considering different possible results and proper replies. Even though Jacqueline Biollo may initiate a degree of resistance to concessions that deviate from her expectations, she may also acknowledge the party’s commitment to establishing a win-win formula. Thus, it is critical to start negotiations with the specified understanding of what priorities the establishment sets and by presenting persuasive arguments supported by market research and industry standards to negotiate for preferred terms. Moreover, proactiveness and an open approach to communication can reap the benefits of eliminating any misgivings or trepidation that Jacqueline Biollo may have about utilizing the distributive style.
Conclusion
In the paper, negotiations are centered on obtaining a favorable rental price and setting up beneficial lease terms. These goals provide an appropriate foundation for a successful venue in the downtown area of Edmonton. Analyzing the distributive negotiation strategy selected as a consensus-building tool, it is apparent that it corresponds to the economic goals of the establishment and moves toward optimum terms in circumstances predetermined by budget restrictions. Such successful negotiation aims to create a favorable venue and steady relationship between the parties, especially with the landlord.
References
De la Porte, C., & Jensen, M. D. (2021). The next generation EU: An analysis of the dimensions of conflict behind the deal. Social Policy & Administration, 55(2), 388-402. https://doi.org/10.1111/spol.12709
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