Selecting A Strategy Is A Key Foundation

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Selecting a strategy is a key foundation in negotiation. Depending on the situation between your position and that of the other party, different negotiation strategies may be used. Picking the right strategy could improve the odds of a successful outcome. Chapter 1.3 of our book demonstrates five basic strategies to use during negotiations. Each strategy has its own set of advantages and disadvantages depending on the circumstances, and in most instances, a mixture of strategies will be used. There are two key factors that will determine which of the five strategies you will use. These factors will depend on your preferences of: the relationship with the other negotiator and the outcome of the negotiation itself. When different levels…show more content…
5. Compromising (split the difference)- this is the middle area called “satisficing”- a combination approach that is used in many approaches. A combination of these strategies can be used at any time. It is important to remember that the other party will also be choosing a strategy. Negotiations would go smoother if both parties could decide on a single strategy to use. However, in the real world, parties may start off with different negotiation tactics. Most importantly, it is to your benefit to know each of these five negotiation strategies in depth so you can be prepared, should the negotiation go differently than anticipated. After becoming comfortable with the five different negotiation strategies, the next step is to decide which of the five strategies to use in a negotiation. To decide this, there are two key factors to consider: 1. How important is the outcome to be gained from this negotiation? 2. How important is the past, present, and future relationship with the opponent? There are several main factors to consider when deciding how to answer the two questions above. The first factor is to look at the situation to gage what strategy will fit best given your set of circumstances. Analyze your personal preferences for different strategies. Picking a strategy that you are most comfortable with will help with having a successful negotiation. Next, consider your experience with using different strategies. The greater your experience with using a
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