In every business or in various situation of life, negotiation is an important aspect and it plays a vital role. Since by this concept of negotiation, everyone come into conclusion and stands on that which is accepted by everyone. This is a process of settling people with who have differences and bringing them to an agreement at one point. The main goal of negotiation is to get best results for all the different parties involved in the process of negotiation. The flow of negotiation is categorised into three phases. They are as follows:
1. Initiation: This stage is very important phase of negotiation and involves in preparing goals and objectives, making proper decisions with respect to the process of whole project. A good and healthy relationship should be established between the opposite parties. Because this in- turn helps in minimizing the number of resources which need to be used in the project.
2. Problem solving: After developing good relationship between the parties involved in negotiation, then collecting the information related to the project is done in this phase. In order to collect the information, analysis of data is required. This helps in knowing about different problems involved in the negotiation and the needs of the opposite parties. In addition, it also provides them an opportunity to develop their goal with respect to the data that obtained in this phase.
3. Resolution: In this phase both the parties start bidding process. Negotiation require that the parties need to be open minded because they should be able to come to a compromise with their deals and offers so that they are at the same point that will benefit them. After bidding, a lot of discussions will be done and the parties think about agreeing the best deal among them which would bring them a positive output and make them happy in the long run. There are different ways to close the process of negotiation based on the type of negotiation. The most important point for a negotiation to be successful is to maintain good relationships and getting mutual benefits for the whole process in a long run.