Question

Explain the four basic stages of negotiation.

Answer 1

The four stages of negotiation are

1) Preparation

2) opening

3) Bargaining

4) Closing

Negotiations are very critical for any business to run successfully. They must be treated very carefully. A lot factors are important for a negotiation to be successful. Like communication skills must be good, the ability to convince others with proper logic is vital.

1) Preparation: In this stage, the issue must be thoroughly studied. Lack of clarity leads to disastrous failure. The other side's details, their objective must be clearly understood. Well prepared plan must be developed, about how to start the negotiation, how to convince them and show others how your objective aligns with their objective.

2) Opening: Starting a negotiation sets the tone for the entire discussion, so it is very important to take initiative and be confident. In this stage, both sides put forward their ideas and objectives. Just a gist of the objective will be discussed in this stage.

3) Bargaining: In this stage, both sides start to persuade the other, and explain how their objectives are good for both sides. This stage requires a lot skills to be successful. Rigorous knowledge about the issue is required, good communication skills are essential.

4) Closing: in this stage, both sides agree to a conclusion and decide the future actions after considering both of their issues. The best viable option will be finalized and the negotiation will be closed.