What role does contract negotiations play in the vendor selection process?

What role does contract negotiations play in the vendor selection process?

The chief operating officer (COO) was very impressed with your presentation to the senior leadership last week. The chief executive officer (CEO) expressed concern that XYZ Plastics has hired a consultant to assist it in preparing for the upcoming negotiations. As a reward for your hard work, he has asked that you share your understanding of negotiation strategy and tactics.

Consider your current or past job or an organization that was recently in the news, and describe a negotiation scenario and the outcome.

Discuss the following:

What is the purpose or goal of the negotiation?

What strategy or tactics can be employed by both sides?

Discuss the outcome of the negotiation.

Give your assessment of the strategy

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