1. Preparation: Before entering into a negotiation, both parties should gather relevant information, identify their goals, and understand the needs and positions of the other side. This step involves researching background information, setting objectives, and determining the key points of negotiation.
2. Opening: The opening phase involves initiating the negotiation process. Each party presents their initial offers or positions, outlining their goals and expectations. Effective communication is crucial at this stage to set a cooperative tone and establish a basis for discussion.
3. Bargaining: During the bargaining phase, parties engage in discussions to explore possible solutions and make concessions. This step involves negotiating terms, proposing alternatives, and seeking compromises to move closer to a mutually acceptable agreement. It requires active listening and flexibility.
4. Agreement: Once the parties have reached a consensus on the terms, the agreement phase formalizes the negotiated terms. This step involves documenting the agreed-upon details, ensuring clarity, and obtaining any necessary approvals or signatures. A well-defined agreement helps prevent misunderstandings and disputes.
5. Implementation: After the agreement is formalized, the implementation phase involves putting the terms into action. Both parties must follow through on their commitments and ensure that the agreed-upon actions are executed as planned. This phase also includes monitoring progress and addressing any issues that arise.
6. Review: The review phase involves evaluating the outcome of the negotiation and its impact. Both parties assess whether the agreement has met their objectives and discuss any lessons learned. This step helps in refining future negotiation strategies and improving relationships.
These steps provide a structured approach to negotiation, aiming to achieve a satisfactory and sustainable outcome for all parties involved.
Subscribe on YouTube - NotesWorld
For PDF copy of Solved Assignment
Any University Assignment Solution
.webp)
