Readings:OverviewPlease read the chapters from the textbook below and view the video. Your knowledge of this information will be tested on this week’s quiz, and you will demonstrate this knowledge in

Readings:OverviewPlease read the chapters from the textbook below and view the video. Your knowledge of this information will be tested on this week’s quiz, and you will demonstrate this knowledge in your projects.Textbooks: The Top 10 Things You Must Know About Negotiations. (2010) Leigh Thompson. Financial Times Press. (also in your discussion this week) Title Page Practical Negotiating: Tools, Tactics & Techniques. (2007) Tom Gosselin. John Wiley & Sons.Section One:The Need for Negotiation Conflict In Our Lives Conflict Inside Organizations Nonproductive Reactions to Conflict Conflict With CustomersOverviewThe likelihood of an artist being offered everything that they want is pretty slim. Many parts of an offer aren’t negotiable, but some very important aspects of a deal can be negotiated. So, how do you get what you want out of a deal? You have to know how to negotiate. Whether it’s a new entertainment contract or a licensing deal, each clause is important. Knowing how to negotiate for what you want is crucial.What You’ll NeedThe scenario belowPrepareRead the scenario below.SCENARIOJoanie Johnson was a YouTube singing sensation when she was discovered andbecame a huge success. She became so popular, she was able to license her image to a manufacturer who made t-shirts, linens, room decor, and toys. She made a decent living off of her licensing royalties until she got bored and was ready to get back in the spotlight.Joanie wrote her next album and paid a recording studio to produce it. She hired a distribution company to distribute it, and it became a huge success. She has been approached by a film production company that wants to make a documentary of her life and a film based on her most recent album. She loves the idea, but wants to be paid upfront and get a large percentage of the royalties. She is willing to be on set each week but still wants to work on her music. She’s also a little nervous about too much of her private life being on display, so she wants some sort of creative control.Alexa Lopez and her company, Sunshine Productions, produced two hit films. The first film was featured in the Sundance Film Festival. The second was successful in the indie theater circuit. She was looking for her next big project when she thought of her favorite pop star, Joanie Johnson. Alexa has always been impressed with Joanie’s story and is a huge fan of her music, especially her fourth album.She wants to make a documentary of Joanie’s life, especially her rise to stardom. She wants to film every aspect of Joanie’s personal life on a constant basis. She also wants to film her in the studio and during performances. Alexa has a little money but she’s hoping Joanie will settle for net-profit royalties in exchange for her life story. Since Alexa is a writer and producer, she’s very controlling of all the creative aspects of her company’s productions. She knows what will be revered by the public and get publicity for the film. She also wants to create a musical based on Joanie’s fourth album and wants use of all of her songs.CreateCreate a Microsoft Word document that answers the following questions: What is the subject of the negotiation? What are the interests of each party? What is the BATNA for each party? Choose one of the parties and describe the following: a. How will you prepare for the negotiation? Include your goals, options, and opening move. b. What are you willing to concede? c. What questions will you ask to illicit information about the other party? d. What do youthink would be a reasonable settlement? e. Describe a contingent agreement in case negotiations fail. Incorporate the concepts and terminology learned from this week’s readings into the paper, demonstrating how the methods you use to plan and manage your business reflect the concepts learned about in the Read & View activities.Submit Save your completed project as a MS Word document or PDF. Name your project as follows:LASTNAME_FIRSTNAME_Negotiation Upload your document to the LMS and submit.