Ch 1 Flashcards
Shortly explain the meaning of Negotiation.
Negotiation is a strategic discussion intended to resolve an
issue in a way that both parties find acceptable.
What is the Difference between Negotiation and
Bargaining?
Bargaining
It is about pricing. EX. Vegetable market.
There is one winner and one loser.
It requires good manipulation and
verbal skills to win the situation.
Negotiation
It is about pricing, money, quantity, quality, time, and
value.
It can often be a win-win situation, finding a favorable
solution for both parties.
It requires those skills as well, but focus on ethics,
fairness
What is the meaning of WANTA & BANTA?
A WATNA (The worst alternative to a negotiated agreement)
A BATNA (The best alternative to a negotiated agreement)
What is the Importance of Negotiation in Business?
Long-term Career Success
As you move forward in your career, you’ll find more
cases appear where you’re required to use your
Negotiation Skills
Dealing with Clients
You need to convince them what you‘re offering is more
beneficial for their goals than what someone else might
be offering.
Increases Profit & Salary
The better your negotiation ability, the better chances you have of securing a good raise.
Solving Workplace Conflicts
If employees are in a conflict This can cause communication breakdowns in
the workplace.
Builds Reputation
People can recognize your negotiation skills, so it builds a
better reputation of your organization
What is the Importance of Negotiation In personal
Life?
Builds Confidence
To be effective negotiator you need to learn how to assert
yourself to arrive at beneficial outcome.
• Develops Interpersonal Skills
They will grow & develop in negotiation practicing
Makes It Difficult For People To Take Advantage Of You
As you negotiate, you pay more attention to what other people
are saying. You learn to avoid if they’re trying to take
advantage of you.
Creative Thinking Abilities:
use your creative abilities to find out-of-the-box
solutions to arrive at a mutually beneficial outcome.
Makes You A Better Planner
As you learn how to plan your negotiations better, you will be
better also in planning your everyday life.
Explain the essential negotiation skills?
Communication:
Be sensitive to non-verbal communication, like body language
Active listening: Asking questions, paraphrasing,
and providing feedback.
Patience: take your time
to fully evaluate terms and assess info
Adaptability: Your approach must be flexible to offer
individualized solutions
Emotional intelligence: giving you an insight into how the other
party feels.
Problem-solving: You’re participating in a negotiation because
you have a problem to solve
Value creation
suggesting
alternatives that don’t cost you anything but benefit the other
party.
Decision-making: Good negotiators are clever at quickly not overthinking a decision.
Integrity: Negotiations require fairness, respect, and honesty.
How to improve your negotiation skills?
Practice: The more you negotiate, the better you’ll
become.
Build your confidence: Confidence is key to successful
negotiations.
Set goals: Walk into a negotiation knowing what you
want
Make the first offer: Take control of the negotiation by
setting the baseline.
Learn from experience: Whether your negotiation was
successful or not, take time to review your performance.
What is the Careers that require negotiation skills?
Lawyers.
Mediators in conflict resolution.
Diplomats.
Real estate agents.
What is the Barriers to a good Negotiation?
Ego is considered the biggest obstacle to good negotiation.
- focusing on
Winning during the negotiation.
- Maintaining a Know-It-All attitude and failing to ask genuine
Questions.
- thinking negatively during the process.
- Inability to catch problems of the other party.
- Entering a negotiation unprepared and uninformed and
having no answers for the asked questions.
- Being sarcastic, lacking listening skills, and criticizing too much
