In this module, I will talk about specific actions related to planning, making and responding to offers, and options to consider for adding value to your agreement. It can be as detailed as a draft of an actual agreement or an outline of a specific variables to be included and the targeted members you're striving for in each case. If you have prepared well and gathered information on a wide range of value variables, the points of value you choose to define in your first offer should be apparent to you as you consider the big picture.

As you do your research, develop your questions, and explore options with your counterpart, you are doing so in order to move toward your goal, the framework agreement. I explain the framework agreement and its importance for providing direction to you as you plan, research, generate questions, and consider options. Write your framework agreement as a very detailed smart goal, being sure that it is specific, measurable, achievable, realistic, and time bound.

The single biggest mistake I see in this respect is having a list of possible alternatives either written down or in your mind. The second step is to determine a few of the most promising ideas and then develop them into practical alternatives that could realistically be implemented. Employing a bottom line strategy means that those in authority over you or over your counterpart have provided the absolute lowest or highest prices that are acceptable, and perhaps some other terms.

I have spoken extensively in this course about the importance of developing options and seeking creative combinations of the variables that could be added to the central issue of your negotiation. If you chose the path of win lose, or simply bargaining or bartering over a defined and unchanging amount or value,. Bartering, bargaining, and win-lose approaches to negotiation do not lead to positive long term relationships.

Do this by building connections, demonstrating your competence and reliability, speaking accurately and honestly, providing support and assistance without an expectation of compensation and engaging in meaningful, straightforward, and positive dialogue. Is his or her preferred style of interaction, typical body language, and the topics and issues which seem to generate emotional responses? Prepare by doing research, learning everything you can about your counterpart, the organization, the market conditions, your competition and your own options for delivery, volume, packaging, payment terms, inventory, inclusions and support.

In instances where there's a negotiation and you don't know who you're going to be speaking with or dealing with, I think the best thing that you can keep in mind is building rapport as quickly as possible. And I'll say that I think we go through life every single day negotiate things and very rarely is it dollars and stakes and huge deals that are on the table. But on a big scale, what we read about in the media and news is that you'll see sometimes two very large entities or corporations try to come together for the sake of a merger or an acquisition.