Understanding why we enter into negotiation with another party is critical to the outcome of the negotiations. The following are some business reasons;
- To grow existing market – Penetration
- Expand in a particular area of expertise -Specialization
- Improve present position by allegiance – Expansion
- Broaden offering to market – Diversification
- To strengthen market position – Competitive advantage
- For business continuity – Sustainability
Companies need to remain viable and even dominant in their given markets. A great example is Coca-Cola and Pepsi. Both brands have managed over decades to rotate at number one and two positions in beverages worldwide for decades. The boardroom and local markets have seen some incredible negotiation tactics as their rivalry is legend! Negotiation with people and leveraging relationships in negotiations have made the difference in international presence!
Negotiations take place for a reason. Understanding why can change how you prepare to achieve the outcome!
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