Planning and Preparation for Effective Negotiation

Meina Liu and Sabine Chai

Chapter 1 in Negotiation Excellence:Successful Deal Making, 2014, pp 1-22 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Negotiations take place in a wide array of forms, whether to resolve a dispute, get a better deal, or find new solutions that neither party could realize on their own. The first, and often the most important step toward successful negotiation is planning and preparation. According to Thompson (2009), about 80% of negotiators' efforts should go toward the preparation stage. However, planning and preparation go beyond what negotiators should do before negotiation. Because negotiation is a dynamic communication process where new information, concerns, emotions, and goals may arise, negotiators should also be prepared for dealing with contingencies as well as factors that may interfere with goal pursuit. The purpose of this chapter, therefore, is to provide guidelines for effective planning and preparation both before and during the negotiation process, including guidelines for assessing the negotiation situation, analyzing the negotiation structure, planning for strategies that facilitate goal attainment, and re-orienting to manage contingencies that may arise during the dynamic, interactive negotiation process.

Keywords: Negotiation; Persuasion; Trust Building; Judgment Bias; Decision Making; Renault–Nissan Alliance; Arcelor and Mittal Steel Merger; Kraft Foods; Cadbury PLC; Walt Disney; Komatsu; Dresser (search for similar items in EconPapers)
Date: 2014
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