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Key Negotiation Strategies

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Running Header: KEY NEGOTIATION STRATEGIES

Key Negotiation Strategies

Institutional Affiliation

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OCT 2017

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KEY NEGOTIATION STRATEGIES 2

The primary purpose of negotiation in any business dealings is to provide for both parties

involved the opportunity to lobby their proposals so that they all end up as winners at the end of

the negotiation process. It is not a chance for one party to hustle or out-do the other, it is,

therefore, essential for any businessman to keep this out of their mind to save their reputations in

front of other businesspeople and to save their businesses as well. At the same time, another

purpose is to walk away with an outcome that's better for your business hence the need to have

clear goals in mind when going into negotiations for it to be successful (Gifford, 1989).

In a negotiation process, both sides can employ the fundamental principles or tactics

efficiently used in the process. According to Lewicki, the first significant tactic is to be aware

that you're negotiating because the majority of people don't realize that they are engaged in a

negotiation until it's usually a little bit too late. To avoid having regrets later on. Another tactic is

to be smart, not to be so tight at the beginning of the negotiation that they end up with a bad

relationship because doing something in a short run only to hurt at the end is not a smart

negotiation.

Both parties should aspire for a "win-win" situation that will make them feel good about

the results. The parties in a negotiation should consider timing. It is not advisable for one side to

start a talk while the other party is in a hard time; right timing remains significant in negotiations.

Additionally, both sides should research the other, consider their alternatives, set up their

bargaining range and recognize their power points and what they can give up. If the talks involve

quite a few people, both parties should spot the one who is the decision maker (Noe, 2003).

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Running Header: KEY NEGOTIATION STRATEGIES 1 Key Negotiation Strategies Institutional Affiliation DATE 12TH OCT 2017 KEY NEGOTIATION STRATEGIES 2 The primary purpose of negotiation in any business dealings is to provide for both parties involved the opportunity to lobby their proposals so that they all end up as winners at the end of the negotiation process. It is not a chance for one party to hustle or out-do the other, it is, therefore, essential for any businessman to keep this out of their mind to save their reputations in front of other businesspeople and to save their businesses as well. At the same time, another purpose is to walk away with an outcome that's better for your business hence the need to have clear goals in mind when going into negotiations for it to be successful (Gifford, 1989). In a negotiation process, both sides can employ the fundamental principles or tactics efficiently used in the process. According to Lewicki, the first significant tactic is to be aware that you're negotiating because the majority of people don't realize that they are engaged in a negotiation until it's usually a little bit too late. To avoid having regrets later on. Another ta ...
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