Techniques in Closing a Business Negotiations; An Overview from Reading 1.6 p. 65 (Business Trade & Negotiations Lewicki et al.)

 

Closing a business negotiation needs to be scientific in terms of criteria and the actual details of the business negotiation deal.  Most of the time when business negotiation is involving international relations and laws; criteria and technique of negotiation will differ in approach.   In this manner, several approaches may be applied from any given case but the fundamental concepts imparted by Lewicki et al. portray only the usual negotiation strategies used by companies both international and domestic.

 

 

COMMONLY USED:

Concessions- are usually initiated and executed between companies when the business case given is tolerable in terms of cost and damages.  Concessions if applied in more expensive business cases, setbacks may occur such as undesirable feedbacks and discontentment of both parties.

Summarizing- is simply gathering all the important facts in order to achieve a reasonable concession.

Splitting the difference- is comparing and weighing the notions of both parties involved in the business dispute.  Splitting the difference must have the objective of concluding the case.

OTHERS:

Alternative- is creating choices for both parties to choose for the best solution to the case.

Assumption- This will create high risk in achieving the conclusion of the case but assuming a negotiation will allow both parties to save cost and time.

Incrimintal- is solving the business dispute in a gradual manner in a way that issues are solved separately to allow more concentration and eventually achieve the ultimate objective of the case.

Linkage- is another way of making the present dispute lighter in negotiation with the reference from the previous related cases.

Prompting- is also similar to assumptions but in this negotiation technique one party will offer a special benefit contrary to the case.  In this technique, opposing party will value the difference of the given offer.

Ultimatum- is more severe compared to prompting and assumption.  In this technique, one party will offer no choice to the other party by threatening the opposing side of negative consequences towards the business.   

Closing a business negotiation must have an advantage of your company or both of the parties.  If the negotiation will result negatively to your company, then you need to evaluate your steps in closing a business negotiation again.

 

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