I took business negotiation last semester, and i think i learnt a lot from this course, especially negotiation skills. I would like to share with you from what i have learnt, in general.
Before the negotiation, you need to indentify the relationship type between you and the other party, distributive or integrative?
First, do some research!!! A lot of people ignored this stage because they believe in confidence, but knowing the market trends, gain some common knowledge will help you negotiate faster and more effective.
Secondly, know your BATNA(Best Alternative To a Negotiated Agreement), set your bottom line and target point. Don't change your bottom line easily unless you have to. Keep in mind that no decision is always better than a bad decision!
Thirdly, conduct the negotiation, this stage are the key components in negotiation, there are lots of things you need to keep track of, like discovering the other party's resistance point, influence them to change their resistance point, assess their target, manage the other party's impression, modifying them, make up the proper offer/ counter-offer and so on.
Fourly, closing the deal.
In real negotiations, there are a lot of unexpected situations, where you may be stuck on some point in negotiation where no one wants to step back, at this time, assessing the information you have collected and find out the similarities and differences, and try to work out something from mutual interests.
Personally, i have learnt a lot from this class, especially from this Instructor, Carlos E. Calao. I would strongly recommend this professor, since his classes are very interesting and practical. I believe this class BUSI 2465 conducted by Carlo can definitely gain you much more than you expected!
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