Suppose that your company manufactures high resolution upscale television.Your company has been doing very well in the last couple of year,financially. Almost all your products generate significant profits. Your company is about to choose a supplier as a collaborative partner to co -develop a new product (e.g.) your TV has a lot of different functions ; that controls different home equipment and appliances , and it even helps customers save the energy spending). When it comes to this type of relationship , you cannot avoid sharing technical know -how with each other.. After a few months of meeting with different suppliers , you and your colleagues have identified the right supplier whom you will collaborate with . This supplier has the exceptional technology although it is a start-up company . Given the sharing of know -how in this collaboration , you understand that trust is a crucial factor . What is the most appropriate negotiation strategy? making an ultimatum offer to the supplier try your best to get the best deal possible exploring the difference in risk attitude try to clinch a deal with this supplier

Question

Suppose that your company manufactures high resolution upscale television.Your company has been doing very well in the last couple of year,financially. Almost all your products generate significant profits. Your company is about to choose a supplier as a collaborative partner to co -develop a new product (e.g.) your TV has a lot of different functions ; that controls different home equipment and appliances , and it even helps customers save the energy spending). When it comes to this type of relationship , you cannot avoid sharing technical know -how with each other.. After a few months of meeting with different suppliers , you and your colleagues have identified the right supplier whom you will collaborate with . This supplier has the exceptional technology although it is a start-up company . Given the sharing of know -how in this collaboration , you understand that trust is a crucial factor . What is the most appropriate negotiation strategy? making an ultimatum offer to the supplier try your best to get the best deal possible exploring the difference in risk attitude try to clinch a deal with this supplier

Answer 1

exploring the difference in risk attitude

Answer 2

The question focuses on a scenario where your company is partnering with a supplier to co-develop a product. Because sharing technical know-how cannot be avoided in such a partnership, trust remains as a key factor in ensuring a fruitful negotiation. Consequently, an appropriate negotiation strategy should neither compromise trust, nor negatively influence the budding partner relationship. Evaluating the presented answer options, making an ultimatum offer to the supplier would likely create a hostile negotiation environment, which would be counterproductive. Similarly, trying your best to clinch the best deal might be misinterpreted by the supplier, leading to erosion of trust. Exploring the difference in risk attitude develops mutual understanding but would also warrant more focus on sharing similarities to promote trust. Trying to clinch a deal per se doesn't offer a concrete strategy. With these substantiations, exploring the difference in risk attitude remains to be the most appropriate negotiation strategy.

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