This article has been written by Mr. Suraj Singh, a 1st year. LLB (Hons.) student from Allahabad University
INTRODUCTION
Negotiation is a strategic discussion that resolves an issue in a way that both parties find acceptable. Individuals should make separate, interactive decisions, and negotiation analysis considers how groups of reasonably bright individuals should and could make joint, collaborative decisions and this theory is a field of psychological study that looks at decision-making processes within group settings. Negotiation Comes In Handy To Achieve Individual As Well As Collective Goals. Without Team Members Having Good Negotiation Skills, No Business Is Successful. Several areas of human interactions are studied within this discipline, and many of the resulting theories have applications in the corporate environment. In business situations where groups of individuals commonly must make mutual decisions, knowledge of these theories and their implications can ease tensions considerably.
Types of Negotiation
There Are Various Types Of Negotiation:
1-Distributive Negotiation
Distributive Negotiation Is When Two Parties Bargain Over A Single Product Or Issue, Such As Price. For Example, Negotiating With A Dealer Over The Price Of A Second-Hand Vehicle Or Bargaining With A Street Vendor. Here, One Party Wins And The Other Has To Take A Step Back And Suffers A Loss
2-Team Negotiation
This Type Of Negotiation Process Takes Place Between The Two Teams. For Example, Negotiation Strategies Between The Teams Of Two Companies That Are Looking To Merge Are Called Team Negotiations.
3-Multiparty Negotiation
The Multiparty Negotiation Process Involves Three Or More Parties Undertaking Various Negotiation Strategies To Drive Home Their Points. When Six Friends Are Deciding The Venue Of The Party And Discussing Its Pros And Cons, The Type Of Negotiation Can Be Said To Be Multiparty.
4- Integrative Negotiation
Do You Know What Happens When Representatives Of An Employees’ Union Meet The Management With Their Demands? They Discuss, Argue, Present, Oppose, Convince, And So On. Then, They Strike A Deal On Salaries And Other Benefits. This Is Called Integrative Negotiation.
Five Stages Of The Negotiation Process –
1-Prepare
Research Is A Building Block Of The Negotiation Process. While Preparing, You Must Weigh Both Sides, Identify The Strengths And Weaknesses Of Both Sides, And Then Determine Your Negotiation Strategies. Define The Kind Of Interaction You Want To Have And The Bond You Intend To Form With The Other Party.
2-Information Exchange
The Information Exchange Involves Discovering And Creating Value For The Negotiation Process. It Also Helps In Building Rapport.
Both Parties Should Explain Their Interests And Exchange Their Viewpoints To Achieve The Desired Results. Unless There Is A Transparent Exchange Of Information, Even Sophisticated Negotiation Strategies Won’t Work.
3-Bargain
In All Types Of Negotiation, A Bargain Is Of Utmost Importance. It Is The Beginning Of Give-And-Take Deals. Each Party Proposes Its Demands And Seeks To Secure Benefits. During The Bargaining Process, It Is Imperative To Keep Yourself In Check. Don’t Lose Your Cool Or Become Emotional During Negotiations. To Achieve Your Desired Outcomes, Train Yourself To Be Composed And Diplomatic.
4-Conclude
Once A Solution That Is Acceptable To Both Has Been Reached, Both Parties Should Thank Each Other. They Should Confirm That Interests Have Been Secured And The Outcome Has Been Successful. A Good Summing-Up And Amicable Closing Always Lead To Rewarding Long-Term Relationships.
5-Execute
All Types Of Negotiation Lead To Effective Implementation. The Steps To Implement The Negotiated Result Should Be Categorically Chalked Out. Often, In The Corporate Context, A Written Contract Is Entered Into To Confirm The Intent To Execute.
How To Develop Good Negotiation Skills
1-Work On Your People Skills And Communication Skills
2-Practice Your Negotiation Skills And Strategies With Friends And Family
3-Learn To Accept Mistakes And Improve On
4-Be Smart And Strategic. It Is Said That Let Them Win The First Negotiation, And They Will Usually Be Happy Enough To Let You Win Two To Three More
5-Define Your Personal Strengths And Use Them Positively To Impress And Convince
REFERENCES
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