Negotiations are dynamic encounters, each with its unique set of participants, interests, and objectives. However, the majority of negotiations generally unfold through the four distinct phases outlined below. Gaining a solid grasp of this process, along with the corresponding strategies for each phase, empowers you to flexibly tailor your approach to suit the specific circumstances at hand.
| Phases of Negotiation | What’s involved |
|---|---|
| 1. Prepare to negotiate |
– Identify the type and scope of the negotiation. – Establish and improve your position. – Assess the other party’s position. – Identify the zone of possible agreement. |
| 2. Conduct the negotiation, including offers and counteroffers |
– Set the stage and tone. – Use your strategies. – Continually evaluate what’s happening. |
| 3. Finalize the agreement |
– Prevent errors and manage your emotions. – Handle impasses. – Close the deal. – Evaluate the outcome. |
| 4. Fulfill the agreement |
– Carry out the agreement. – Meet your commitments. – Capture and share what you learned. |