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Advantages And Objectives Of Negotiation

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WHAT IS NEGOTIATION? Negotiation is a process of conferring with a view to compromise. Negotiation is a formal communication focused to remove any incompatibilities and on reaching mutually acceptable agreements. The purpose of negotiations is to obtain a mutually beneficial solution – a dovetailing of interests that gives both sides a degree of satisfaction with what has been agreed. Therefore, negotiation has to be conducted in a fair manner and a consensus (agreement) has to be reached. Negotiation is an attempt to identify differences, forecast conflicts, proactively resolve disputes thereby establishing or improving relationship. When it comes to business, negotiation is treated as a process in which the participants bring their …show more content…

The Power of Competition: 
Whenever we create competition for something we possess, it moves up in value. More the people who want our goods and services, or our ideas, or our money, the more power we have. We should never enter a negotiation without options. 
The Power of Legitimacy and Expertise: 
Legitimacy can be questioned and challenged. We should use the power of legitimacy and challenge that power when it is advantageous for us to do so, Most of us rarely question the statements of tax accountants, physicians, auto mechanics, Pentagon generals, or plumbers; if we want to use this power, we should set ourselves up early by way of background, experience, credentials and real knowledge. The Power of Risk taking: 
We must be willing to take risks while negotiating. Intelligent risk taking involves knowledge about the "odds," plus a philosophical willingness to shrug our shoulders and absorb a manageable loss without whining. We shouldn’t fall in love or care so much for the deal that we can 't walk away. When we feel we have to have something, we always pay. We put our self in a position where the other party can manipulate with ease.
As we continue to negotiate, before chancing anything, we should calculate the odds to determine whether the potential benefits are worth the possible cost of the failure. We should be rational and not

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