ZOPA Range & Strategy, BATNA & Reservation Value of Pashendale Holdings Ltd - Law Assignment Help  

Assignment 

THINKING STYLE PREFERENCES – form and scope
In 1997, Sternberg put forward the relationship among the different styles of thinking to examine this we used a monarchic form of thinking (Grigorenko, E.  L., Sternberg, R.  J. 1997).  I prefer the monarchic style because it makes a person focused and motivated to complete work in the best way possible. This style of thinking usually brings positive outcomes to the negotiations. The scope of my work is external. The external individuals are usually very motivated and like to work in a group setting. An external individual interacts with the group at different stages of progress. These people generally are confident and outgoing and like to interact with others.

Monarchic style of thinking is the best way of negotiations in the meantime it allows to have set priorities. Monarchic-style thinkers are very motivated and focused. They set their goals toward a particular thing and work regularly to achieve that. This style of thinking mostly brings a positive effect on the outcome of the negotiations. Taking examples of the established significant alterations for medium-run development of monarchic style bringing a substantial drop in development. ( Bjørnskov, C. Kurrild-Klitgaard, P. 2014) It enables a person to have a complete focus on a particular project, tasks, and situations. The monarchic style of thinking allows people to get attached to the project with full focus until it is completed. It enables them to get attached to the tasks or situation which confirms that privacy is of utmost priority to these thinkers. Monarchic thinkers are often driven by the challenge to complete the work and get the best results, they don't shift on something other until the previous work is completed.
Setting up a goal will help the business to identify the problems effectively and find solutions to achieve those goals. In this case, the firm has to bring the client to the target price. Another reason which makes this type of thinker is the best for negotiations is their dedication and love towards particular work, tasks, and situations.
The monarchic style of thinking gives a person enough time to provide attention to the negotiation and the chances for an error are very low. The thinker is always keen to find the perfect solutions to avoid any additional agreements, which may create problems in the future affecting the agreement.

OPTIMAL THINKING STYLE FOR NEGOTIATION
The following are the adjustments that I would suggest to get used to a more ideal style of thinking for this negotiation:
A thinker should adopt a more inclusive approach and take all the inputs and viewpoints of the parties involved. This will help the thinker to have a better understanding of the terms and conditions of the negotiation.

The thinker should be more interactive and must share the details of the work with the group. This will help the thinker to get to know some other point of view and the progress of the work will be also visible to everyone. This makes the work more accessible to the group and more open to external suggestions which don't leave the scope to make mistakes. This also creates a sense of trust among the group members and the culture of sharing responsibility.

The monarchic style of thinkers is very particular and goal-oriented people, by sharing responsibility among the team can give them time to think and apply another approach. This can bring fresh ideas to the table and can be more productive.
These are the few adjustments or addition to the approach which will help to crack successful negotiations between the two parties.

BATNA AND RESERVATION VALUE of Farnsworth Property Trust 
Farnsworth Property Trust is willing to buy a building for commercial use with club facilities. Pashendale Holdings Ltd. has offered their building with similar features at $21 million. Although there is another company that is offering their building at a similar value. Therefore, the Best Alternative to a Negotiated Agreement for Farnsworth Property Trust can be Superboost Ltd. that has a building available for sale and has listed their building for $21 million (Farnsworth Property, 2021). If they are in talks with Superboost Ltd., their reservation value or desired value of buyer must be at least $21 million to buy the property.  If the seller is willing to sell the above-mentioned property higher than $21 million, the Farnsworth Property won’t be willing to buy the property.

BATNA AND RESERVATION VALUE of Pashendale Holdings Ltd 
Pashendale Holdings Ltd. bought the building put on sale for $10 million so their reservation value or the lowest value set by the seller will be $10 million as they will in no position sell it at a rate lesser than that. Whilst putting on sale, they are going under negotiations with different buyers at different prices. Since they are in serious talks with a particular Icarus Corp. (Pashendale Property, 2021), they must be willing to consider any offer made by Icarus Corp. therefore, it can be considered as Pashendale Holdings Ltd. The Best Alternative to a Negotiated Alternative (BATNA) for Pashendale Holdings Ltd. who is willing to sell the property in 63 Bradbury Street, Mooroolbark, Melbourne is Icarus Corporation.

ZOPA RANGE AND STRATEGY 
For the application and determination of Zone of Possible Agreement (ZOPA) and ZOPA range, in this case, it is necessary for my client to be willing to pay at least $21 million for the mentioned property as the component of overlapping interest must exist while negotiating (Jakobs, 2020). To make sure that the deal does not go beyond $21 million, the best strategy can be shaping ZOPA using monarchic and external thinking style in such a way that the deal closes at a value lesser than $21 million in order to make it favorable for the client. Shaping ZOPA means using different tactical moves in order to persuade the other party to reach a better negotiation. Monarchic thinking involves an individual’s predilection for situations that allow complete focus on one aspect until it is complete. Similarly, external thinking allows interacting with others at different stages of progress without making it uncomfortable. 
(Sternberg, 1988). Application of this thinking style in shaping ZOPA should be in such a manner that the vendor does not feel intimidated by the buying price offered. Pashendale Holdings Ltd. bought the building for $10 million, therefore it would be better if the price of the property can be negotiated somewhere between $10-21 million. Using monarchic and external thinking style strategy will help in negotiating the price at a greater ZOPA range and will make it available for more prices than initially offered. To ensure that the offer does not go far beyond $21 million, and make the deal work for my client another good strategy can be manipulating the ZOPA (Elfenbein, H.A, 2015) into a value that is lesser than $21 million. Manipulating ZOPA would lead to persuade the other party i.e. Pashendale Holdings Ltd. for a better settlement of the negotiation. The vendor (Pashendale Holdings Ltd.) procured the Q-building for a value of $10 million. Therefore, it would be a successful negotiation if both parties stay between the values of $10 million to $21 million. 
Hence, the greater proportion of ZOPA (zone of possible agreement) for my client would be if the negotiation does not exceed $21 million.
 

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