Negotiations

Business Negotiations
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Every business negotiation process has three major phases in which all players have to abide by at all times. The primary motive is to facilitate successful negotiations regardless of the business scenario. The success of every business entity is dependent on the approach used by both parties to agree.
Stages Questions Addressed
Opening Has the offer been accepted?
Why was the offer rejected?
Exchange of Information What information does the other party have?
Is the information verifiable?
Concession Has the counteroffer been accepted?
What are the terms of the agreement?
The opening phase commences with the negotiator making the first offer. It is hardly possible for parties to agree on the first offer especially if both are profit-oriented. On most occasions, the first offer will be rejected (Cellich, 2012). In the quest to come to a bargain, the negotiator requests the other part to point out parts of the proposals that they dislike. This phase addresses the questions of whether the offer has been accepted or why it has been rejected.
The second phase, exchange of information stage, require both parties to exchange information with the sole intention of coming into an agreement. The other party will respond to the negotiator by providing or presenting some information. In return, the negotiator will be tempted to know more on the reasons why the other party rejected the first offer (Cellich, 2012). The other party will provide additional information when requested to validate their assertions.

When the negotiator contends with the information provided, this will be enough proof to certify that they understand. The other party will then confirm that they have received a confirmation. However, both parties may continue questioning each other if they are yet to come into an understanding. The questions addressed in this stage are whether the other party has information and whether it is verifiable.
The third and last stage of the business negotiation process is the concession phase. In this stage, the negotiator will be forced to make a counteroffer which will be based on the information that the other party has provided. The other party can partially or fully accept the counteroffer. If the counter offer is partially accepted, the negotiator will propose a new offer (Cellich, 2012). Later, the other party will take the new counteroffer and reach an agreement with the negotiator. This stage addresses the questions of whether the counteroffer has been received and what are the terms of the deal.
In conclusion, business negotiation process has three major phases which include opening, exchange of information and concession. All the three stages determine the success of any business negotiation. The primary motive is to ensure that each party is satisfied and is willing to do business with each other later.
Reference
Cellich, C. (2012). Practical solutions to global business negotiations. Business Expert Press.