ACCTG 1 Lecture Notes - Lecture 16: Best Alternative To A Negotiated Agreement, Disclose
Document Summary
Negotiation is the process of bargaining, where two parties trying to reach an agreement on mutually accepted terms to acquire other wants. Mutual interests: consider different options, base on objective criteria, create a best alternative to a negotiated agreement" (batna) Power is the ability to make others do certain thing. Knowledge: works well in the short term, as soon as the other party knows you know information, your power is immediately gone, thorough preparation, good delegation and role agreements. Five types of preparation: material preparation, content preparation- must/wants/jokers, order of the different negotiations, preparation of the negotiation team. Keep all options open: do not prepare too rigidly- you do not know what other party will bring to the table, things may change. Internal negotiations: many difficulties: e. g. clashing internal styles/ cultures, internal competition or need to improve individual image. Do not give away everything: avoid the slippery slope of different concessions in a row.
