What is Negotiation Strategy?

What is Negotiation Strategy?

Negotiation Process exists in all the phases in a business such as deal making, employment discussions, corporate team establishment, contracts, disputes, resource compensation, business acquisitions, leases, and fulfillment of contract obligations.

Negotiation Examples:

  1. Haggling occurring between a merchant and a tourist in a bazaar.
  2. Negotiation in a service provider firm for the contract

Positional Bargaining

Negotiation may concern a product or complex contract terms in which people continuously engage in positional bargaining.

When arguing over positions, negotiators tend to lock themselves into positions. However, the basic problem in negotiation lies not in conflicting positions, but in the conflict between each side’s needs, desires, concerns, and fears. Understanding each party’s real needs is not always simple.

Team Negotiations

Team Negotiations are applicable for larger negotiations that require a team with members and the process should be coordinated by a Lead Negotiator.

Team Requirements

For successful negotiation, set a team with the right competencies. A team should have the right size and mix of people and is often cross-functional. The size of the team should be balanced against the complexity of the negotiation. A team should have the right size, cross-functional resources.

Team Responsibilities

Lead Negotiator coordinates team members and involves negotiation on behalf of the team. Team members support in helping Lead Negotiator with relevant knowledge and expertise.

Lead Negotiator defines all roles and responsibilities with commanding authorities and the team members align with the priorities, objectives, strategy and tactics.

The attached e-learning video shows the negotiation strategy processes.

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