Explain the five main negotiation strategies

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Reference no: EM133897955

Assignment:

You are a loan analyst at Woodland Park Savings Bank in Woodland Park, New Jersey. Loan analysts assess how much money a customer can borrow for car loans, home mortgage, paying off credit card debt, etc. You have worked for the bank for three years and have been doing a great job, receiving praise by your boss on multiple occasions. You have received a raise each year, but it is a normal range equivalent to what your peers receive. You believe that you should be receiving a larger raise than your peers, given your exceptional performance.

The raise you received last year was from $53,000 to $56,000. You are preparing to meet with your boss to discuss this year's pay raise. Since your boss values your work product, you want a more substantial raise. You also have an offer from a competing bank, but don't have salary terms yet and have not shared this information with your boss.

Explain the five main negotiation strategies. What negotiation strategy would you adopt in this scenario? Why? Assume that you will make the initial offer concerning your pay raise, what would be your initial offer? Why?

Reference no: EM133897955

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