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\nHow to Negotiate: The Basics of Negotiation\n

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\nWhether it's with suppliers, stakeholders, or colleagues on your team, negotiation is a skill that project managers use nearly every day. But, as the stakes get higher, it becomes more important to know how to negotiate.So, in this...\nWhether it's with suppliers, stakeholders, or colleagues on your team, negotiation is a skill that project managers use nearly every day. But, as the stakes get higher, it becomes more important to know how to negotiate.

So, in this video, I show you all of the basics of negotiation.

What is Negotiation?
Negotiation is the process of searching for an agreement that satisfies all parties.
What this means is:
1. Negotiation aims to produce a fair outcome for both sides
2. It is a process, so if you know the process and follow the process, you can get good results.

Negotiation follows a 4 Step Process:

Preparation
• Scope of desired agreement
• Goal and objectives
• Bottom line
• Research
• Negotiating strategy

Opening
1. Make a strong first impression
2. Build rapport
3. Check the level of authority they have to make commitments and deliver a final agreement
4. Agree the basis of the meeting - Decision process
5. Agree any admin and ground rules
a. Timings
b. Agenda
6. Establish their outcome
7. Set out your outcome

Bargaining
• Positions
• Progress
• Offers
• Counter-offers
• Concessions
• Getting stuck… and unstuck
• Preparing to close

Closing
• Summary
• Check issues covered
• Check concessions agreed
• Ask what more
• Trial close
• Make the offer
• Confirm and record the decision

Then SHUT UP

Following up
• Document agreement in writing
• Share it – as a fact, not a consultation
• Carry out any agreed actions
• Inform people who need to know
• Courtesy thanks to all those involved on your side
• Polite note to counter-party\n
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Resource Details

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Media Length
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11:11
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Grade
10th - Higher Ed
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Subjects
Career & Technical Education
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Media Type
Instructional Videos
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Source:
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\nOnline PM Courses\n\n
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Date
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2020
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Concepts

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negotiation, authority
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Additional Tags

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