SMART Goals for the Meeting?

Answer each of these questions in a well-written double spaced, 12 point font essay. Try to keep it to five pages or less. I’m told you MUST save and submit your document to Turnitin as a .doc or a .docx or a .pdf. You should also take a screen shot of your submission acknowledgement – just to be safe.

First explain who you are………….

Your firm named ____​​ is in the _________________ industry. You are negotiating with the Fortune 500 firm ​​​​​​​​​​​​​​​​named ________ regarding ____________.
(EXAMPLE – My firm named MonoCandy is in the confectionery industry. I will be negotiating with the Fortune 500 firm Chevron regarding getting my candies into their convenience stores as one of their sales items.)​

What are your SMART goals for the meeting?
Write your Negotiation Mission Statement.
What is your Target Point and why?
What is your Reservation Point and why?
Do a (hypothetical) SWOT analysis on your firm.
Do an actual SWOT analysis on their firm.
Do a hypothetical BANTA on your firm.
Create a potential BANTA for their firm.

Introduction

Successful negotiations often decide how far a company goes in today’s fast-paced commercial World (Børve et al., 2017). This study analyses the discussions between TechSolutions and GlobalCorp, two companies looking to form a strategic alliance. The evaluation of current report considers businesses’ SMART objectives, missions, targets, reservations, SWOT analyses, and BATNAs. This brief analysis also sheds light on the dynamics of their discussions and the possibilities for a win-win partnership between them.

Negotiation Process

I am an entrepreneur and the founder of TechSolutions, a company operating in the information technology industry. Our main objective is to deliver cutting-edge software solutions to enterprises seeking to optimize their processes and elevate their online visibility. I am currently involved in negotiations with GlobalCorp, a Fortune 500 company, regarding establishing a strategic partnership. Our primary goal is to establish a collaborative partnership to develop innovative software solutions for GlobalCorp’s supply chain management.

SMART Goals for the Meeting

Setting SMART objectives is one of the most important parts of a productive negotiation (Leng et al., 2023). We have set goals that are SMART (Specific, Measurable, Attainable, Relevant, and Timely):

Specific

Defining the boundaries of the partnership (Børve et al., 2017). To improve GlobalCorp’s supply chain management, we must detail the software solutions we will create, the steps to integrate them, and the help we offer.

Measurable

We will develop KPIs to evaluate the efficacy of our collaboration. Supply chain efficiency gains, decreased costs, and higher revenues are all possible indicators (Bressanelli et al., 2019).

Attainable

It is crucial that we set objectives that are both reasonable and doable. We must consider the project’s deadline, budget, and technical requirements. For instance, by our technological means and GlobalCorp’s requirements, we plan to release a prototype solution within six months.

Relevant

The goals of the negotiations are in line with TechSolutions’ overarching strategy, which is to increase its visibility in the business world by capitalizing on its technological skills.

Timely

Our goal is to conclude the collaboration agreement and launch our joint ventures within three months. This day reminds both parties to be dedicated to and focused on completing the tasks at hand (Hampel et al., 2020).

Negotiation Mission Statement

Our goal in these discussions is straightforward that is we want to form a strategic collaboration with GlobalCorp that will allow us to contribute our technology skills to improve their supply chain management. We aim to develop cutting-edge software to help them save money, streamline their processes, and increase their chances of lasting success. This shared goal is the foundation for our negotiations and ongoing partnership.

Target Point and Reservation Point

In this negotiation process, we aim to agree with GlobalCorp on a partnership that will allow us to work together to improve the company’s supply chain management through software creation, integration, and support. We aim to form this alliance on mutually advantageous conditions, including a reasonable income split. This will strengthen our position as a reliable technology partner and contribute to our bottom line.

We are dedicated to hitting our goal, but we know having a stopping point is crucial, too. We have a certain level of comfort over which we cannot consent to the proposed cooperation arrangement. We may need to reevaluate the cooperation and look elsewhere if GlobalCorp’s proposals fall short of this amount. With this protection in place, we can confidently negotiate in the best interests of our organization.

SWOT Analysis on TechSolutions (Hypothetical)

Strengths

• Since we have extensive experience in software development, GlobalCorp may trust us as a reliable technological partner.
• We can keep ahead of the curve because of our creative and flexible approach to finding technological solutions.
• We have a history of completing projects successfully, giving us credibility.
• Because of our flexibility and awareness of market shifts, we can easily meet our customers’ evolving demands.

Weaknesses

• While we are experts in software development, our supply chain management knowledge is limited.
• There may be doubts about our ability to deliver given that our staff is smaller than some of our larger rivals.
• To keep ahead of the competition, we must consistently invest heavily in R&D.

Opportunities

• Through our collaboration with GlobalCorp, we aim to increase our visibility and influence in the business world.
• We are well-suited to meet the rising need for supply chain optimization solutions.
• Because of how many businesses rely on technology, we are in a good position to provide our services to them.

Threats

• Competition from established IT giants might make winning over the prospective partner difficult.
• The trends in technology are changing at a breakneck pace, so we need to be on our toes and ready to pivot.
• Our income is vulnerable to economic downturns that reduce spending on information technology.

SWOT Analysis on GlobalCorp (Actual)

Strengths

• GlobalCorp has a large part of the market and a global footprint.
• Because of their variety of goods and services, they can easily adapt to new situations.
• Having a well-respected name behind your company helps people trust you.
• Innovation may be boosted by investing heavily in R&D (Benzaghta et al., 2021).

Weaknesses

• The speed with which technological innovations are implemented may be slowed by lengthy bureaucratic decision-making procedures.
• Supply chain management inefficiencies may need fixing.
• The company’s size may render it susceptible to slow response times in the competitive business World (Teoli et al., 2019).

Opportunities

• Supply chain costs may be reduced by using new technology and the services of companies like TechSolutions.
• GlobalCorp’s growth plan fits well with entering new markets.
• Increasing their competitiveness through better supply chain management is possible with the use of technology (Falcioni, 2022).

Threats

• Competing with nimble new companies might make it difficult to respond quickly to shifts in the market.
• Traditional company models may need substantial revisions in response to technological disruptors.
• Regulatory hurdles in different markets may have an effect on business operations and development prospects (Padilla & Membreño, 2023).

TechSolutions Hypothetical BANTA Analysis

Our best option for negotiating an agreement is to talk to other Fortune 500 organizations about working together on software solutions. Expanding our customer base in this way bodes well for our further success. Alternatively, if our talks with GlobalCorp stay consistent, we may look into providing our services to local companies. We will be able to reach a new demographic of consumers as a result of this. A third viable alternative is to zero in on certain industries or software applications where our skills will be most useful. In agreement, we intend to pursue a long-term strategic collaboration with GlobalCorp because of the tremendous growth opportunities it presents and the prestige of the project on which it will allow us to work.

BANTA Report on GlobalCorp’s Future Performance

An established IT giant with diverse services and vast resources may be the best alternative for a negotiated agreement for Goldcorp’s Creating custom software for your business is worth considering as a second-best option. They would have complete control over the development process if they did this, but it may take a long time and a lot of money (Quijosaca & Cevallos, 2022).

Engaging a number of smaller IT businesses may offer them specialized experience but may also increase the complexity of the management process, making it the third-best option. As both parties agree, the best possible conclusion would be for GlobalCorp to form a strategic collaboration with TechSolutions so that the latter could supply GlobalCorp with individualized services, technological advancements, and savings (Sanchez, 2018).

Conclusion

To sum up, negotiating process is crucial in expanding one’s business. This report focuses on the negotiations between TechSolutions and GlobalCorp, illuminating the subtle strategic considerations at play. Both businesses may benefit from having clear objectives and a thorough understanding of their strengths, weaknesses, opportunities, and threats. Keeping in mind the BATNAs guarantees a well-rounded strategy. Successful collaboration in the digital era depends on both companies being well-prepared and having their interests aligned.

References

Benzaghta, M. A., Elwalda, A., Mousa, M. M., Erkan, I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), 55-73.

Børve, S., Rolstadås, A., Andersen, B., & Aarseth, W. (2017). Defining project partnering. International Journal of Managing Projects in Business, 10(4), 666-699.

Bressanelli, G., Perona, M., & Saccani, N. (2019). Challenges in supply chain redesign for the Circular Economy: a literature review and a multiple case study. International Journal of Production Research, 57(23), 7395-7422.

Falcioni, J. G. (2022). Inside the inflation reduction act. ASHRAE Journal, 64(10), 4-4.

Hampel, C. E., Tracey, P., & Weber, K. (2020). The art of the pivot: How new ventures manage identification relationships with stakeholders as they change direction. Academy of Management Journal, 63(2), 440-471.

Leng, J., Sha, W., Lin, Z., Jing, J., Liu, Q., & Chen, X. (2023). Blockchained smart contract pyramid-driven multi-agent autonomous process control for resilient individualised manufacturing towards Industry 5.0. International Journal of Production Research, 61(13), 4302-4321.

Padilla, L. F. M., & Membreño, B. M. M. (2023). Ampliación de la cobertura y distribución de productos de la empresa Global Corp.

Salgado Quijosaca, X. A., & Cornejo Cevallos, A. R. (2022). Plan estratégico de talento humano para Global Corp (Bachelor’s thesis, Guayaquil: ULVR, 2022.).

Teoli, D., Sanvictores, T., & An, J. (2019). SWOT analysis.

Torres Sanchez, C. O. (2018). Aplicación del ciclo de deming para incrementar la productividad en el área comercial de la empresa Delta Global Corp-Santiago de Surco, 2018.