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Conducting negotiations skillfully is an essential part of the process of achieving goals and the key to success. Here are some important stages to consider:
• Once you have specified your BATNA (best alternative to a negotiated agreement) and considered the maximum and optimum gain for both parties, think about the best possible negotiation technique to achieve your goals. If you are attempting to gain as much as possible, without paying attention to the needs of the other party, or if you want to win something, then you can apply a competitive technique. The importance of maintaining a good relationship is immaterial when using this technique. It is used when a single issue needs to be resolved, for example a price in a sales negotiation. It's often called an 'I win, you lose' approach.
• Negotiating co-operatively involves more patience, creativity and sophistication, in order to meet the needs of each party involved. The aim of negotiation here is to achieve mutual gain. Co-operative negotiators understand the interests of other parties. This approach is also called 'I win, you win.'
• Start your negotiations by inviting your counterpart to the conference room where the meeting is going to be held. Establish a good rapport. You may suggest something to drink. Small talk can be a perfect ice-breaker and bridge builder.
• Once you are sat at the negotiating table, present your offer and state your goals.
• Listen carefully. This will help you avoid unnecessary mistakes or misunderstandings. Don't hesitate to ask questions if you have some doubts. Be flexible enough to make reasonable concessions.
• Control the discussion and don't be diverted. During the negotiation process various tactics or tricks may be used. Be aware of them. Don't let the other party mislead you or manipulate you into making rash decisions.
• Emotions can play either a positive or negative role in the negotiations. Positive emotions may facilitate closing the deal. However, negative emotions may trigger conflict or create a tense atmosphere, which in turn may result in a breakdown of the negotiations.
• Remember to summarize the negotiation's progress as this will give you an opportunity to check there are no misunderstandings.
• Conclude the agreement only if you are sure it is favourable for you. Postpone clinching a deal if you're not fully satisfied with the result of the negotiations and arrange to advance them at a later time. Walk away from negotiations if there is no chance of your needs being met.
• Once you have clinched a deal, don't forget to confirm what you have agreed on. Thank the other party for their time and shake hands even if your negotiations did not reach a successful conclusion.