How exactly do negotiations proceed? What steps do you need to take to make sure that your negotiation works out in your favor? This course from Michael D. Ford will reveal to you how negotiations proceed from preparation, all the way to closure. You’ll receive professional instruction on these basic steps of negotiation. You’ll see how to: prepare for negotiations, define the ground rules, clarify and justify your position(s), solve problems, and close and implement the negotiation.
Learning Objectives
- Learn the five major phases of negotiation
Skills you’ll gain
NegotiationBusiness NegotiationContract NegotiationNegotiation StrategiesPrice NegotiationStrategic NegotiationsWhat You'll Learn
- Identify the five major phases of negotiation
- Prepare and plan effectively for negotiations
- Define the ground rules of a negotiation
- Clarify and justify your negotiating position
- Solve problems that arise during negotiation
- Close and implement the negotiation
Key Takeaways
- Negotiations proceed through five major phases, from preparation all the way to closure.
- Preparing and planning is the foundational first step before entering a negotiation.
- Defining ground rules establishes the framework for how the negotiation will proceed.
- Clarifying and justifying your position is a core step in moving a negotiation forward.
- Closure and implementation complete the negotiation process.
Frequently Asked Questions
What does this course cover?
This course covers how negotiations proceed from preparation all the way to closure, including how to prepare for negotiations, define the ground rules, clarify and justify your positions, solve problems, and close and implement the negotiation.
What is the main learning objective of this course?
The learning objective is to learn the five major phases of negotiation.
Who teaches this course?
This course is taught by Michael D. Ford.
What skills will I develop in this course?
The course relates to skills including Negotiation, Business Negotiation, Contract Negotiation, Negotiation Strategies, Price Negotiation, and Strategic Negotiations.
What lessons are included?
Lessons include Preparing and Planning, Defining Ground Rules, Clarification and Justification, Problem Solving, Closure and Implementation, and a Test Your Knowledge assessment.
Transcript
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Let's explore the various phases of negotiation. Preparation and planning, defining ground rules, clarification and justification, problem solving, and closure and implementation. Negotiation always begins with a plan. And before you enter the negotiation room, you want to first recognize your starting point and envision your desired endpoint. Let's say your company is considering a significant investment in a capital equipment upgrade. If you are the purchasing agent, you would start with defining the needs of your company, setting a budget, and researching potential vendors. There would most likely be discussions among the internal teams involved, including management, finance, production, facilities, and quality control. Once you're done gathering the information, document the feedback from these various departments to lay the groundwork in preparation for the negotiation. Another example would be purchasing materials from a supplier. In this case, your planning would include discussing it with your company, defining your needs, and researching the supplier. To prepare, you would consider long-term interests, like how much money you would like to save. You would need to determine all the considerations to be accounted for, including price, value for money, after sales service and maintenance arrangements, delivery, lifetime costs of the product, and whether or not the product you wish to buy is essential for your business. While these planning efforts have focused on your parties interests, that's only part of the preparation. You should also learn as much as you can about the other party and their interests. Maybe your company has a record of prior negotiations with them. You can also use the internet to conduct research on the other party. The time energy and effort put into preparation and planning will increase your chances of achieving a positive outcome from the negotiation process. It's good to keep in mind that your plan should include some degree of flexibility, in case conditions change, or you learn things during the negotiation process that require adapting.
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