What are the four stages of negotiation?
- Prepare. One of the keys to negotiating effectively is to be able to express exactly what you want and why.
- Exchange Information. Arrange a mutually convenient time and place to meet.
- Bargain. Now that you’ve explained your objective, it’s time to bargain.
- Close and Commit.
What does BATNA stand for? A BATNA, or Best Alternative to Negotiated Agreement, represents the best option to one party in a negotiation if the talks fail. A strong BATNA means that that party has a reasonably attractive alternative to negotiation; if they fail to reach agreement, they can implement the BATNA with minimal disruption.
What makes a good negotiation strategy? Be clear about what is expected. Discuss ways to apply how it can happen. Don’t simply talk about what needs to happen. Discuss the consequences – how your solution will be beneficial to the other party.
What are the key elements of negotiation?
- Interests. Interests are “the fundamental drivers of negotiation,” according to Patton—our basic needs, wants, and motivations.
- Alternatives and BATNA.