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Essentials of Negotiation

Negotiation is the process of discussion aimed at reaching a compromise or a mutually beneficial solution to an issue. It is a complex skill that involves analyzing information and making strategic decisions, often under time pressure. Naturally, there are common mistakes one should try to avoid when negotiating. One fundamental issue is negotiators incorrectly assessing a situation’s competitiveness (Lewicki, Barry, & Saunders, 2016).

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Therefore, one should avoid this bias and attempt to explore both the common interests and differences between the negotiating sides to achieve the best outcome (Lewicki et al., 2016). Another significant concern is the first offer in a negotiation, which can affect the course of the entire process. One suggestion to reach more beneficial terms is starting with an exaggerated offer. Although this can lead to negative outcomes, it is generally advantageous (Lewicki et al., 2016). However, when employing this approach, one should also prepare a viable counter-offer in case his or her opponent refuses to negotiate (Lewicki et al., 2016). Overall, a lack of preparation and analysis of the situation is the common unifying theme of errors in negotiations.

Reference

Lewicki, R. J., Barry, B., & Saunders, D. M. (2016). Essentials of Negotiation (6th ed.). New York, NY: McGraw-Hill Education.

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