As an observer, there are several key learning areas that have been observed from the negotiation exercise. Firstly, the most important thing that has been observed is that it is essential to always overvalue expenses as compared to the expected sales while making any business decision. However, it is also observed that it is important to retain and build a strong relationship with the customers in order to generate more business from these customers.
Since the customers are the most important part of any business and the success of any business depends up on the satisfaction level of the customers. Therefore, satisfaction of customers is necessary for the long-term growth and success of the business, as the repetition of the business is the strength of the sales that provide the uncertainty and revenue for the business. It is also imperative to provide high quality products to the customers so that they repurchase instead of going to the competitors.
Furthermore, from the negotiation exercise I also observed that the company or a business should not engage itself in the over-commitment that it later becomes difficult to meet, which may result in the customer being dissatisfied. In addition to this, over-commitment may lead to the higher risk of losing customer and adversely impact the productivity of the business.
It is necessary while making commitment regarding the sales to analyze the internal resources of the company that are needed in order to fulfill the requirements of the customers so that the demands of the customer can be successfully meet. In order to achieve the long-term success of the business it is most important to fulfill the commitments related to production and scheduling.
Backup plan needs to be there to overcome the production and capacity limitation related issues in order to successfully accomplish the task to supply the required demand of the customers. I also observed that it is very essential to have highly skilled and experienced labor force that helps the company to produce the required production units efficiently within the given time frame. The deadline accomplishment plays a significant role in the reputation and performance of the company therefore, it is fundamental to meet all the deadlines that the company has committed with its customers.
Additionally after analyzing the negotiation exercise, I also observed that adoption of latest and innovative technology is very crucial in order to produce required units within the customer’s given time period as referred to the case. The company has been facing difficulty in order to deliver the required units within the given deadline with the number of available workers. The implementation of latest technology will allow the business to reduce the manufacturing and production cost as well as to enhance the efficiency in the productivity.
It is also observed that the risk taking abilities and strong leadership qualities are also required in order to make effective decisions regarding the future growth and production of business. However, effective and trustful relationship with other players in the industry is also important in order to identify the significant supplier for the components........................................
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