Preparation Stage of the Negotiation Process

What is the first step in preparing for a negotiation according to the video?

• Researching the other party

• Beginning with the end in mind

• Setting a high initial position

• Identifying your BATNA

In the SMART framework, what does 'S' stand for?

• Simple

• Sustainable

• Specific

• Strategic

Why is it important to have achievable objectives in negotiation?

• To impress the other party

• To avoid wasting time on unrealistic goals

• To ensure you can change market dynamics

• To guarantee a win

What does BATNA stand for?

• Basic Alternative to Negotiation Agreement

• Basic Agreement to Negotiate Alternatives

• Best Alternative to a Negotiated Agreement

• Best Approach to Negotiation Agreement

When should you consider walking away from a negotiation?

• When the offer is exactly what you wanted

• When the offer is below your initial position

• When the offer is below your BATNA

• When the offer is above your expectations

What should you compare to establish negotiating parameters?

• Your BATNA and their BATNA

• Your position and interests with theirs

• Your priorities and their weaknesses

• Your initial position and their final offer

Why is it important to know the value of what you can offer in a negotiation?

• To ensure you get the highest price

• To avoid making any concessions

• To confuse the other party

• To understand the differential values for a fair settlement

What is a crucial part of preparation before entering a negotiation?

• Setting a low initial position

• Researching the history and context of the other party

• Ignoring the other party's needs

• Focusing only on your goals

What should you organize to access quickly during a negotiation?

• Your personal opinions

• Your financial statements

• Your negotiation script

• Facts and data

What is the benefit of preparing a high initial position?

• To intimidate the other party

• To delineate the maximum negotiating room

• To ensure a quick agreement

• To avoid any concessions