December 1, 2012
HRM 594-60124 Negotiation Skills
Keller Graduate School of Management
Cast Study 1: Capital Mortgage Insurance Corporation
In any good negotiation, it is important that the Capital Mortgage Insurance Corporation (CMIC) and Corporate Transfer Services (CTS) understand the issue and must come into the negotiation with a clear idea of what the conflict is and what they would like to gain from it. Both companies should present their side of the case. The dilemma is the president of Capital Mortgage Insurance Corporation, Frank Randall and his senior vice president and treasurer Jim Dolan are planning a strategy in order to compete and successfully receive the acquisition of Corporate Transfer Services.
In order for Capital Mortgage Insurance Corp to accomplish this, they must understand the interest and position of ...view middle of the document...
The bulk of the negotiation process is a continuous back and forth of ideas, options, and even arguments between CMIC and CTS. The first solution offered up is rarely the final choice. This part of the process varies greatly depending on the type of negotiations taking place. If a negotiator is involved, he will direct this stage of the process by offering various solutions and continuously working with both parties to find a mutually acceptable agreement.
This step of the negotiation process, where the CMIS and CTS take time to explore various solutions, may take place over several sessions. Business negotiations for a large corporation may take weeks before an acceptable solution is found. For smaller negotiations, such as inter-office issues between two coworkers, this step may be much easier, involving only a brief discussion before an agreement is met.
Once the process of finding a solution is completed, negotiations enter into the final steps of the process. The agreement is clearly laid out for CMIC and CTS, often with a written contract. This document is reviewed thoroughly and amended as needed until it meets the satisfaction of all involved. Once the contract has been accepted and signed by both CMIC and CTS, the steps laid out within must be completed.
The final step in the negotiation process is fulfilling the agreement. This may be as simple as trading goods and parting ways. In more complex negotiations, the solution may be a more long term commitment, or a working partnership between CMIC and CTS. If at any point the agreement no longer works for one or both parties, negotiations may begin again at the beginning to amend the contract and find a better, more sustainable, solution. In order to resolve an impasse, CTS and CMIC should reach an agreement on rules and procedures, reduce the tension, improve accuracy of communication, control the number of issues, establish a common ground but ultimately CMIC must be willing to offer CTS a yes proposal.