The basics of negotiation

Question 1

Preparation

Answer 1

Before entering a negotiation, it’s crucial to define your goals, understand acceptable outcomes, and identify your Best Alternative to a Negotiated Agreement (BATNA). Researching the context and the parties involved helps in formulating a strategic approach.

Question 2

Opening

Answer 2

This initial phase involves making a positive impression, establishing rapport, and verifying the authority of the participants. Clearly articulating each party’s ideal outcomes sets a constructive tone for the discussion.

Question 3

Bargaining

Answer 3

During this stage, parties exchange offers and counteroffers, make concessions, and collaboratively work towards a mutually beneficial agreement. Effective communication and flexibility are key to navigating this phase successfully

Question 4

Closing

Answer 4

Concluding the negotiation requires summarizing the agreed-upon terms, ensuring all issues have been addressed, and formalizing the agreement. Its important to confirm that all parties have a clear understanding of their commitments

Question 5

Follow-up

Answer 5

Post-negotiation, it’s essential to document the agreement and monitor its implementation. Following up ensures that all parties fulfill their obligations and helps maintain positives relationships for future interactions.