Harvard Case - Mars, Incorporated
"Mars, Incorporated" Harvard business case study is written by Elena Loutskina, Georgy Shapovalov. It deals with the challenges in the field of Negotiation. The case study is 22 page(s) long and it was first published on : Mar 24, 2010
The case study focuses on Mars' negotiation strategies and how the company has successfully used negotiation to achieve its business objectives. Mars has a long history of using negotiation to resolve conflicts, build relationships, and create value. The company has developed a set of negotiation principles that it uses to guide its negotiations. These principles include:
- Be prepared. Mars believes that preparation is key to successful negotiation. The company takes the time to understand the other party's interests and objectives, as well as its own. Mars also develops a range of possible outcomes and is prepared to walk away from the negotiation if it cannot reach an agreement that is in its best interests.
- Be respectful. Mars believes that it is important to be respectful of the other party, even if you disagree with them. The company treats the other party with dignity and respect, and it listens to their concerns. Mars also avoids making personal attacks or using aggressive language.
- Be creative. Mars believes that there is always more than one way to solve a problem. The company is willing to think outside the box and come up with creative solutions that meet the needs of both parties. Mars also encourages its employees to be innovative and to come up with new ideas.
- Be ethical. Mars believes that it is important to be ethical in all of its dealings. The company follows the law and it does not engage in any unethical or illegal practices. Mars also treats its employees, customers, and suppliers fairly.
3. Analysis of the Case Study
Mars' negotiation strategies have been successful in helping the company achieve its business objectives. The company has used negotiation to resolve conflicts, build relationships, and create value. Mars has also been able to use negotiation to gain a competitive advantage in the marketplace.One of the key factors that has contributed to Mars' success in negotiation is its focus on building relationships. Mars believes that it is important to develop long-term relationships with its customers, suppliers, and other stakeholders. The company invests in building trust and rapport with these parties, and it is willing to go the extra mile to meet their needs.
Another key factor that has contributed to Mars' success in negotiation is its focus on creating value. Mars believes that it is important to create value for all parties involved in a negotiation. The company is willing to share information and resources, and it is always looking for ways to create win-win solutions.
4. Recommendations
Based on the analysis of the case study, we recommend that Mars, Incorporated take the following actions to enhance its negotiation strategies and overall business performance:- Continue to invest in building relationships. Mars should continue to invest in building relationships with its customers, suppliers, and other stakeholders. The company should focus on developing trust and rapport with these parties, and it should be willing to go the extra mile to meet their needs.
- Continue to focus on creating value. Mars should continue to focus on creating value for all parties involved in a negotiation. The company should be willing to share information and resources, and it should always be looking for ways to create win-win solutions.
- Develop a formal negotiation training program. Mars should develop a formal negotiation training program for its employees. The program should teach employees the basics of negotiation, as well as how to apply Mars' negotiation principles in practice.
- Create a negotiation center of excellence. Mars should create a negotiation center of excellence to provide support and guidance to employees who are involved in negotiations. The center of excellence should also be responsible for developing new negotiation strategies and tools.
5. Basis of Recommendations
The recommendations are based on the following considerations:- Core competencies and consistency with mission. The recommendations are consistent with Mars' core competencies and mission. Mars is a company that is focused on building relationships and creating value. The recommendations will help Mars to continue to build on these strengths.
- External customers and internal clients. The recommendations will help Mars to better meet the needs of its external customers and internal clients. By investing in building relationships and creating value, Mars will be able to attract and retain customers and suppliers. The company will also be able to improve its relationships with employees and other stakeholders.
- Competitors. The recommendations will help Mars to gain a competitive advantage in the marketplace. By developing a formal negotiation training program and creating a negotiation center of excellence, Mars will be able to improve its negotiation skills and achieve better outcomes.
- Attractiveness ' quantitative measures if applicable (e.g., NPV, ROI, break-even, payback). The recommendations are attractive because they have the potential to improve Mars' financial performance. By investing in building relationships and creating value, Mars will be able to increase sales and profits. The company will also be able to reduce costs by improving its negotiation skills.
6. Conclusion
Mars, Incorporated is a successful company with a long history of using negotiation to achieve its business objectives. The company's negotiation strategies are based on the principles of preparation, respect, creativity, and ethics. Mars has been able to use these principles to resolve conflicts, build relationships, and create value.We believe that Mars can continue to improve its negotiation strategies and overall business performance by taking the actions recommended in this case study solution. By investing in building relationships, creating value, and developing a formal negotiation training program, Mars will be able to gain a competitive advantage in the marketplace and achieve its business objectives.
7. Discussion
There are a number of other alternatives that Mars could consider in addition to the recommendations made in this case study solution. One alternative would be for Mars to focus on developing its negotiation skills in a particular area, such as international negotiations or mergers and acquisitions. Another alternative would be for Mars to develop a negotiation strategy that is specific to a particular product or market.There are also a number of risks and key assumptions that should be considered before implementing the recommendations made in this case study solution. One risk is that Mars may not be able to successfully build relationships with all of its stakeholders. Another risk is that Mars may not be able to create value for all parties involved in a negotiation. Finally, there is the risk that Mars may not be able to develop a formal negotiation training program that is effective.
Despite these risks, we believe that the recommendations made in this case study solution have the potential to improve Mars' negotiation strategies and overall business performance. By taking the actions recommended in this case study solution, Mars will be able to gain a competitive advantage in the marketplace and achieve its business objectives.
8. Next Steps
If Mars decides to implement the recommendations made in this case study solution, the company should take the following steps:- Develop a plan for implementing the recommendations. The plan should include a timeline, budget, and resource allocation.
- Communicate the plan to employees. Employees should be informed of the changes that are being made and how they will be affected.
- Provide training to employees. Employees should be trained on the new negotiation strategies and tools.
- Monitor the progress of the implementation. The company should track the progress of the implementation and make adjustments as needed.
By taking these steps, Mars will be able to successfully implement the recommendations made in this case study solution and improve its negotiation strategies and overall business performance.
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Case Description
Recommended for MBAs, this case is one of a pair of cases used in a merger negotiation exercise. It is designed to be used with "Wm. Wrigley Jr. Company" (UVA-F-1607), but it can also be used on its own. One-half the class prepares only the Wrigley case, and the other half uses the Mars case. Wrigley and Mars are considering a merger and are in the process of negotiating a merger agreement. Macroeconomic assumptions, particularly forecasting future sugar prices in an uncertain environment, and assumptions about Wrigley's value make Wrigley's future cash flows difficult to predict.
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