One of the major aspects of the business of the firm is the purpose of negotiation that is being conducted by the authorities of the firm to make certain decisions after reaching the aim of agreement (Pruitt, 2013). The process of negotiation is an essential business process that is conducted regularly with the suppliers through either face-to-face process or through the process of technological beings. The process through which the practice is being conducted is either Internet or Extranet and has become a pivotal component in the field of literature (Rubin & Brown, 2013). The whole process of relationship development between the parties through the process of negotiation and interaction is one of the major issues that has been made with the trust factor.
The different process of supply management is made to solve the process of negotiation between the concerns of suppliers and procurers. The report in the following paragraphs aims to focus on the role of the process of negotiation for the purpose of purchasing materials for the company of Charles & Keith Wong based in Singapore (Ting?Toomey, 2017). The following paragraphs highlight the different and variations in approaches that has been made to increase the power of negotiation between the parties for the purchase of materials.
In the modern day business world where the purchase of raw materials and other factors needed for the manufacturing of items is an issue due to the prolonged problem of supply and the availability of the issue in the same manner, the theme of negotiation is of utmost importance in the matter (Lumineau & Henderson, 2012). The problem of negotiation is there in the modern day world where the discussion for the raw materials and the other matters needed for the manufacturing of the product is major. The problem in the shortage of raw materials in the supply sector makes it a point to vouch for the negotiation in the field. The purpose of negotiation is to make sure that both the parties are completely involved in making their cost less to themselves and incurring other major costs to the other sector. The purpose of negotiation is to minimise the cost that has been incurred and to make sure that each of the parties have their own substantial cost adhered to them (Thomas et al., 2013). Supply chain has one of the major issues and negotiation is required to make the matter important to the matter. The whole process of negotiation involve the implementation of discussion and agreement on a certain point to make sure that each of the work process in the organization has the authority to change the value given to the other process.
Charles & Keith is one of the major brands that focusses on the various products that are required for the fashion and lifestyle requirements of the people of the times (Martínez?de?Albéniz & Simchi?Levi, 2013). The purchase of raw materials is one of the major tasks of any production industry as the procurement of the raw materials is there to make sure that the products required for the manufacturing are of great quality and value.
Negotiation is one of the foremost requirements of the Charles & Keith in terms of the procurement of raw materials by the people and also to make sure that each of the supplies have their own level of purchasing power which is determined by their power of negotiation (Ribbink & Grimm, 2014). The power of negotiation is to make sure that each of the industries who is undergoing the process have their clauses and conditions when they are conducting the whole process (Yu & Wong, 2015). Therefore, the process of negotiation is of foremost value and so the following analysis will have a full analysis and explanation of the above factor.
The aim of the proposal is to analyse and identify the key role of negotiation in the bargaining power of the buyers and suppliers for the goods manufactured by the company Charles & Keith Wong, Singapore. The objectives for the below analysis is under –
The significance of the analysis of the report is to make sure that the concept of negotiation is being catered in the company analysis of Charles & Keith (Korobkin, 2014). This will make sure to provide adequate opportunity for the company to investigate and compare the significance of purchasing and buying power of the company and the negotiations associated with it. The whole practise of buying and selling of goods associate the power of negotiation and the practical knowledge of the same from textbooks is being represented in the practical form (Korobkin, 2014). The issue of negotiation is of utmost importance in a business sector where the purchasing power of both the buyers and the sellers are being addressed to make sure that the recommendations for the better perspective of the research significance is being drawn. The investigator will be able to analyse the purpose of negotiation in the process of Charles & Keith and the future of the negotiation in association with the other investigations.
The contribution of the research in the matter of negotiation in the case of Charles & Keith is to make sure that both the buyers and the sellers have the adequate amount of bargaining power is to be given to make sure that the amount of money that is being offered for the purchasing power of raw materials. The raw materials that has been provided in the negotiation purpose of Charles & Keith is to be made so that the customers can get the adequate value in the purchase of raw materials and the supplier can also get their share of profit in the purpose of Charles & Keith Wong at Singapore.
Research Methods are defined as the set of strategies and steps that are required by the researcher to conduct the research on a step-to-step basis (Lewis, 2015). The methods for the research include the following – research paradigm, research approach, and research strategy, design of the research, data collection, sampling technique and the analysis of data.
The report states the research methods outline that illustrates the role of negotiation in between the buyers and suppliers in the organization of the Charles and Keith in the industrial outline (Korobkin, 2014). The negotiation process helps to make sure that both the buyers and sellers have their own bargaining capacity in the process of negotiation.
Research Paradigm is defined as believes and understanding assumptions that are required to conduct the research in the modes. There are three types of research paradigm namely Positivism, Interpretivism and Realism (Lewis, 2015). In the analysis the Interpretivism method of research paradigm has been stated which is defined as the research methods that is used for the in-depth analysis of the research methods based on qualitative data. The reason for choosing this type of method is to analyse the role of negotiation in the company of Charles & Keith based on the secondary data that is being found in the matters. The data collected from various purposes can be chosen on this matter.
Research Approach is defined as the way in which the research of the task is being conducted. There are three kinds of research approach namely abductive, inductive and deductive. In the method, the deductive methods is being approached which is defined as the examination of the research hypothesis of a task in relevance to the backdrop of research and the theories associated with the same (Lewis, 2015). The research approach chosen is for the fact that the role of negotiation is based on the problem that is being faced by the company for both the buyers and suppliers.
Research Strategy is defined as the plan that is being developed by the researcher for conducting the research plan given the ways of surveys, experiments and other enquiry formed. Though there are a number of research strategies that can be followed by the researcher, the strategy that has been followed here is the Observational mode of research. The reason for choosing the same is given the fact that the negotiation process between the two parties is being analysed and also the bargaining power of both the buyer and the supplier is being considered. The strategy that is being adhered in the given case study is beneficial for both the qualitative data collection and study of the same.
Research Design is defined as the process and the methods that is available to the researcher to deal with the various research problems that can be obtained from analysing the data. There are two types of research designs that are being employed in the analysis of the case namely Explanatory and Exploratory. The followed case study is there for the exploratory form of research methods as in the following methods, the researcher has explored the various roles of negotiation in the process. The various methods and means are being explored in the case and explored to come up with the apt solutions.
The data collection and process are two important parts of any research and this research also make sure to include these two methods and way in the apt manner. The research methods that are being employed in the Secondary data that is collected from various means and sources which help to understand the whole matter in a way. The type of data collected in the qualitative data that is being collected by the figures and not only with numbers. The role of negotiation in the Charles & Keith employs both secondary and qualitative data to the scene.
The structure of the project that should be conducted by the researcher for the company is as follows –
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Research methodology |
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Analysis and interpretation of the data |
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Submission of project |
Reference
Korobkin, R. (2014). Negotiation: Theory and strategy. Wolters Kluwer Law & Business.
Korobkin, R. (2014). Negotiation: Theory and strategy. Wolters Kluwer Law & Business.
Lewis, S. (2015). Qualitative inquiry and research design: Choosing among five approaches. Health promotion practice, 16(4), 473-475.
Lumineau, F., & Henderson, J. E. (2012). The influence of relational experience and contractual governance on the negotiation strategy in buyer–supplier disputes. Journal of Operations Management, 30(5), 382-395.
Lyu, S. O., & Oh, C. O. (2014). Recreationists’ constraints negotiation process for continual leisure engagement. Leisure Sciences, 36(5), 479-497.
Martínez?de?Albéniz, V., & Simchi?Levi, D. (2013). Supplier–Buyer negotiation games: Equilibrium conditions and supply chain efficiency. Production and Operations Management, 22(2), 397-409.
Pruitt, D. G. (2013). Negotiation behavior. Academic Press.
Ribbink, D., & Grimm, C. M. (2014). The impact of cultural differences on buyer–supplier negotiations: An experimental study. Journal of Operations Management, 32(3), 114-126.
Rubin, J. Z., & Brown, B. R. (2013). The social psychology of bargaining and negotiation. Elsevier.
Thomas, S. P., Thomas, R. W., Manrodt, K. B., & Rutner, S. M. (2013). An experimental test of negotiation strategy effects on knowledge sharing intentions in buyer–supplier relationships. Journal of Supply Chain Management, 49(2), 96-113.
Ting?Toomey, S. (2017). Identity negotiation theory. The International Encyclopedia of Intercultural Communication, 1-6.
Yu, C., & Wong, T. N. (2015). An agent-based negotiation model for supplier selection of multiple products with synergy effect. Expert Systems with Applications, 42(1), 223-237.
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