Chapter 4 Procedure of Business Negotiation Learning Focus Master the 5 aspects in pre-negotiation stage Master the 5 aspects in pre-negotiation stage Master the 3 steps of post-negotiation stage Section I Pre- Negotiation Stage Section II Negotiation stage Post-negotiation stage Section III Section I Pre- Negotiation Stage 1 What should we notice during pre-negotiation stage? The following are very important aspects in preparation: assessing the situation and the people; creditability study; forming negotiation team; design in agenda for negotiation; and making a feasible negotiation plan. 2 How to assess the situation and the people? All kinds of information might be pertinent depending on the nature of the contemplated deal. Various sorts of financial data and competitive information are necessary. The first step in preparing for many such negotiations is mining the critical information from different resources. It enables the negotiators to have and overall picture of the opponent, e.g. the capital held, the business scope, the annual sales volume, his credit status, and whether the opponent has a confirming bank and etc. Section I 3、What is creditability study? Negotiation is a team sport. It requires the specialized skills, communication ability, team spirit and gamesmanship found in any professional sporting event. If a negotiating team is structured properly and is deployed in an effective and timely manner, it can play a critical role in achieving victory at the bargaining table. 4、How to form negotiation team? 5) How to design in agenda for negotiation? Agendas are fantastic control devices. Creating the agenda is an advantage to you even if you are not in charge of the meeting. 6) How to make feasible negotiation plan? A feasible negotiation plan can be very critical to a team’s success. It will serve as the negotiating team’s guide.The format of the plan will be common to each of the negotiating situations although the details are different.
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