Contract & Purchase Negotiation Not Just the Beatles Essay

Contract & Purchase Negotiation Not Just the Beatles - Essay Example Thus, because of lack of preparation Brian Epstein lost in these negotiations resulting to lose of millions of revenue. However, he would have prevented this from happening if the following steps of effective planning for negotiations were followed; framing the problem and recognizing it is a common problem between the negotiating parties. Brian Epstein failed to recognize how the problem that was facing him would be beneficial to the media and entertainment industry and hence made it difficult for him to have a strong bargaining power in the negotiations hence resulting to the loss of millions of revenue. In addition, determine your goals, articulate what you want to achieve through them and finally prepare for the negotiations (Roy, et al., 1999). Your goals must define the ultimate agenda and the conflict situation. Brian Epstein failed to formulate a plan, and goals that he wanted to achieve through his negotiations with the media and entertainment industry players like George Martin hence resulting to the loss of millions of revenue. Exchanging the list of issues you want to discuss with the negotiating party is another effective negotiating step that can provide an opportunity for the negotiating parties to synthesize the merits and demerits of the negotiations prior to the negotiations process. If Brian Epstein would have presented his agenda to the media and entertainment industry early and articulated the benefits thereafter, he would have managed a better bargaining power that would have saved the Beatles the millions of lost revenue. Evaluation and prioritization of ones’ goals and trying to identify any possible tradeoffs between them is another key step in the negotiation process (Roy, et al., 1999). As a negotiator, you must be aware of your position and goals to help and guide you identify your concerns and desires that underlie your major objectives of