Question

Business Negotiations

Review and Reflect

Think about the last eight weeks of this course, and reflect on the things you learned about the negotiation and the process of negotiation. We talked about distributive bargaining, integrative bargaining, ethics, the influence of culture in negotiation. Identify and discuss the THREE most important lessons you learned in this class, and why they are important to negotiation process. Initial post must be a minimum of 300 words.

Answer 1

Business Negotiation is the Open Bargaining process between two or more parties. In Negotiation process each of the parties with its own aims and needs seeking to discover an acceptable solution to a complicated conflict reach an agreement to settle a matter of mutual concern or resolve a conflct. Hence the main elements of Business negotiation are as follows

• Existence of Conflict or disagreement consists of two or more parties or groups
• existence of major conflict of interest exists between all the  parties to negotiation
• the process of negotiation will lead to a better outcome for bothe the parties.
• Aim of all the parties to work together, instead of having a dysfunctional conflict situation.

THREE most important lessons that are important to negotiation process are as Follows:

1) Preparation

2) Time

3) Communication:

1) Preparation : Its of utmost importance that before going into a negotiation proper and complete understanding of the must be acquired , it includes understanding our goals or objectives clearly, before we board the plane. Hence the primary requirement is to walk around the give case under settlement & do a 360° analysis. Suc Analysis of the background and other details of Case in advance including the  culture, laws and   identify both the disputed and undisputed  facts which are reasonably expected to have  impact on a decision, you can reason with knowledge because you have factual and valid information for supporting your statements.

2) Time : time is another very important factor in the business negotiation process. Sufficient and ample time must be given so as to complete the negotiation process effectively and efficiently, Time duration to be given for any negotiation depends upon the matter being resolved . If the topic is important, involves multi-parties, or is multi-faceted, then ample time must be given to discuss each point very clearly, for the decisions which are made under time pressure ends up with regret. If the conclusion and negotiation process isn't completed in the budgeted time then it's better to adjourn it to the second meeting than to reach at the point which isn't optimum. One of the most recommended practice for saving the negotiation time is the preparation of the concise list of the topics to be resolved before the meeting is conducted. Hence time has a vital role to play in negotiation process , and helping in the proper resolution of the matters of concern.

3) Communication : in the business negotiation effective communication Is regarded to be directly proportional to effective negotiation, the proper exchange of the information , ideas , opinions is very important, without the ability to exchange information there can be no negotiation. Excellent communication skills is the prerequisite of the healthy and effective discussion. One of the most important part of communication is to listen attentively and patiently to the other party, this is very important as the speaker will be openly able to put forth his points at the same time you will get the vivid clarity about his ideas , opinion Moreover it will help in speaking in their language and communication style. Having the good Communication skills will help you to select the most relevant words and convert your thoughts into speech. It's most important to completely avoid the derogatory , haphazard words in order to avoid arguments and confusion. You must be able to express your thoughts very clearly to other party. For a Satisfying settlement excellent Communication Skills are of utmost importance from both the ends.